Diamond Bourses reject World Diamond Council AGM

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WFDB refuses to participate due to issues with current WDC leadership.

The World Federation of Diamond Bourses (WFDB) and seven other diamond industry umbrella organisations are refusing to participate in the World Diamond Council’s (WDC) annual general meeting due to concerns over the Council’s leadership.

The AGM is due to take place later this week, starting October 28, in Antwerp, Belgium, but so far The World Federation of Diamond Bourses (WFDB); the Gem & Jewellery Export Promotion Council of India (GJEPC), the Federation of Belgian Diamond Bourses (FBDB) the Bharat Diamond Bourse (BDB), the Israel Diamond Exchange (IDE) the Israel Diamond Institute (IDI); the Dubai Diamond Exchange (DDE) and CIBJO, the World Jewellery Confederation are refusing to attend, having signed a joint letter to the WDC leadership.

The exact wording of the letter states that they are resolved not to “participate in this annual general meeting of the WDC” until the current leadership satisfactorily explain their decisions.

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The signatories expressed their disappointment at the actions the "WDC has taken during the course of the past few months and leading up to the meeting scheduled for October 28 2014 in Antwerp, including but not limited to the biased survey conducted without consulting 98% of the industry, represented by the signatories."

While emphasizing that the signatories remain "committed to the spirit and the enforcement of the Kimberley Process Scheme" and arguing that their letter should "in no manner whatsoever be construed either to be an attempt to not comply or to avoid the Kimberley Process Scheme," they at the same time declared that "whilst the mandate of our members is clear and set out herein, we will not support any entity under the parentage of the World Federation of Diamond Bourses, which has appeared to take arbitrary decisions in a lack of transparency.”

However, all of the signatories have expressed a desire to develop a “fruitful and meaningful” relationship with the WDC in the future.

 

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