WFDB Accepts Canadian And South Korean Exchanges As New Members

(IDEX Online News) – The World Federation of Diamond Bourses (WFDB) has accepted the applications for membership of two bourses – the Canada Diamond Bourse and the South Korean diamond exchange.

WFDB members approved the applications at the 36^th World Diamond Congress in Antwerp which opened today (Monday). The Congress is the bi-annual meeting of WFDB and the International Diamond Manufacturers Association (IDMA).

The WFDB now numbers 30 bourses in 28 countries with 25,000 affiliated members, WFDB President Ernie Blom told the meeting.

Blom, who was unanimously re-elected to a new two-year term as WFDB president, also spoke of the issues facing the diamond industry, including reduced financing and the need for increased transparency, and the problem of undisclosed synthetic stones.

"The problem of synthetics is not as bad as we at first thought, but we are continuing to monitor it closely and we maintain a zero tolerance attitude," he commented.

Blom also said that it was crucial that the diamond industry, via the WFDB, ensure its voice is heard to guarantee that erroneous information is not disseminated in the media.

Speaking on the issue of the work of the Precious Stones Multi-Stakeholder Working Group (PS-MSWG) to bring in new regulations regarding diamonds, Blom said: "This is not the way forward. Decisions must be based on widespread consultation. We cannot let outside bodies dictate how we operate."