Member fee never receive despite approval at last year’s congress.
The World Federation of Diamond Bourses (WFDB) has cancelled South Korea’s application to become a member, after it failed to pay its entrance fee.
An executive committee from the WFDB withdrew the application after its appeals for payment were repeatedly ignored by the Diamond Bourse of South Korea (DBK), despite the DBK being approved for membership at last year’s World Diamond Congress in Moscow.
WFDP president Avi Paz said that the decision to cancel the DBK’s membership application was made taken during a recent meeting of the WFDB’s governing body.
"We have time and again asked the DBK to make payment, but our calls went unanswered," said Paz.
"Full payment of the entrance fee to the WFDB is a pre-condition for membership of a candidate bourse to take effect. The DBK never took that last step, and therefore, the request for membership has been denied.”
Paz is said to have penned a letter to the DBK making it clear that its failure to pay the entrance fee constituted a "fundamental violation of the WFDB’s undertakings".
He also said that the WFDB had no choice but to cancel the request of the Diamond Bourse of South Korea for membership and says the issue will be on the agenda at the next diamond congress.