WFDB members to boycott World Diamond Council session

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Eight industry groups under the World Federation of Diamond Bourses will be boycotting the World Diamond Council session that will take place in Antwerp, Belgium. The groups, including India’s Gem & Jewellery Export Promotion Council, the Federation of Belgian Diamond Bourses, the Bharat Diamond Bourse, the Israel Diamond Exchange, the Israel Diamond Institute, the Dubai Diamond Exchange, and the World Jewellery Confederation, believe that the survey conducted by Belgian consulting company Gemdax is biased.

They believe that the survey, expected to be presented in the session, is only focused on two per cent of the industry. The groups also have concerns that brainstorming about the survey could broaden the WDC’s mandate beyond conflict diamonds.

The session coming up in Antwerp will be tackling issues such as the ethical, legalm and financial challenges facing the Kimberley Process, according to the WDC. The session will also address rough diamond trading risks, as mentioned in a report by the Financial Task Force.

“[We resolve] not to participate in this annual general meeting of the WDC until the direction that the current leadership intends to take is satisfactorily explained,” said the group letter, reports JCK Online. CJ

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