(IDEX Online News) – Canada and South Korea are applying for World Federation of Diamond Bourses (WFDB) membership, with a delegation from South Korean staging its presentation during the WFDB's Presidents Meeting held at the Istanbul bourse which ended on June 18.

 

Another highlight of the meeting was the signing of documents to proceed with the registration of the World Diamond Mark Foundation, thus allowing the Mark Committee to proceed with arrangements and funding. Members also address developing better channels of communication, including the use of social media.

 

A number of new WFDB committees were confirmed during the Istanbul meeting, in a bid to increase organizational effectiveness and reducing the  management hierarchy in an effort to improve response time to members.

 

The WFDB created the following committees: International Arbitration Committee, FATF Committee, Lab & Technical Committee, Publicity Committee, World Diamond Mark Committee and the Membership Committee. They will work with the Finance Committee, the Trade and Promotions Committee and the Judicial Committee, with all of the bodies to report to the WFDB executive.

 

The Istanbul meeting was attended by 26 international bourses, along with South Africa's Minister of Minerals, Susan Shabangu, while Botswana and Zimbabwe also sent high-level delegations.

 

The presidents meeting addressed diamond and jewelry taxation, which varies by country, and developing markets. Chaim Even‐Zohar, an industry analyst, led two presentations, the first of which dealt with taxation and the second provided an overview of the banking sector as it pertains to the diamond industry.

 

WFDB President Ernie Blom said, ''During our meetings in Istanbul we consolidated our position as the world's leading diamond organization, representing the full value chain from mine to finger. This was further consolidated with the historic agreement signed in Istanbul between the WFDB and CIBJO to work together to enhance and develop the diamond and jewelry industry.'' Click here to read the article on the signing.

 

The WFDB's next meeting, the WFDB World Congress, will take place in Antwerp in June 2014.