Members of the World Federation of Diamond Bourses today voted unanimously to accept the membership applications of the Australia Diamond Dealers Club, the Istanbul Gold and Diamond Exchange and the Panama Diamond Exchange on the first day of the 33rd World Diamond Congress in Shanghai.

 

Representatives from the three bodies were in attendance at the Congress. The president of the Panama Diamond Exchange, Erez Akerman, said in an address that the journey for Panama’s exchange, the first in Latin America, began two years prior, with its establishment in 2006 in Panama City.

 

He noted that the Exchange envisions its role as “a gateway to Latin America” and its growing diamond and jewelry industry. There are 11,500 jewelers located throughout the continent, which includes the Caribbean islands, Central America and South America, and diamond jewelry demand currently totals approximately $7 billion, according to Akerman.

 

Akerman continued by saying that the Panamanian government strongly supports the Panama Diamond Exchange, and Panama will, in a few weeks, complete the process to become a member of the Kimberley Process Certification Scheme.  The Exchange has also been established as a Free Trade Zone.

 

Avi Paz, who was elected to serve as WFDB president at the beginning of the Congress, in place of Ernest Blom, addressed a need to continue to promote the WFDB mark with more energy and momentum. He said that, as of today, 1,000 marks have been issued, a number that represents only 10 percent of total WFDB membership.

 

In a strongly worded speech, Paz said that the fact that there are not more members who hold the WFDB mark is not the fault of the WFDB but is a result of the indifference of the member bourses, who, he says, have no reason not to apply for the mark.

 

He stated that the mark should be a key component of every member’s branding program and one that everyone should want.

 

WFDB Mark Global Ambassador Howard M Pomerantz followed Paz by reporting on the advertising efforts the WFDB has engaged in order to promote the mark, which includes partnerships with associate member organizations and trade publications such as JCK, Rapaport and IDEX Online.

 

During the afternoon session, a motion was brought before the members by the WFDB executive committee to allow producing countries to apply for full membership in the WFDB.

 

According to the proposal, member countries would enjoy the benefits of membership, including a closer relationship with diamond bourses around the world, without the financial or political obligations of member bourses.

 

The proposal met with strong opposition from the majority of members, including bourses and those government representatives present at the congress, who argued, among other things, that giving governments full membership in the private organization would give them too much power and sway over the activities of individual bourses.

 

Members also argued that, while the proposal was made with good intentions – to strengthen the ties between producer countries and diamond bourses, with the aim of strengthening the WFDB, it needed to be reworked.

 

Some participants argued that a middle ground should be taken – giving the mining countries a chance for partnership but not allowing them to be members of an organization strictly reserved for diamond bourses.

 

President Avi Paz ruled that a committee made up of himself, and former WFDB Presidents Eli Izhakoff, Shmuel Schnitzer and Ernest Blom, would work on the proposal for submission at a later date.

 

The International Diamond Manufacturers Association (IDMA) held a closed session throughout the day.