Diamond Federation To Boost Standards

The World Federation of Diamond Bourses (WFDB) will amend its membership clause to allow for suspension in cases where bourse members are found guilty of ethic code violations. The WFDB announced this change
Diamond Federation To Boost Standards

The World Federation of Diamond Bourses (WFDB) will amend its membership clause to allow for suspension in cases where bourse members are found guilty of ethic code violations. The WFDB announced this change "so as to facilitate the introduction of its WFDB Mark program at the 32nd World Diamond Congress."

The trademarked logo, WFDB Mark, confirms the originator has abided by the World Federation Code of Principles, which is a code of ethical business practices required of diamond exchange members, and it is founded in resolutions passed by the WFDB since 1992.

WFDB president Shmuel Schnitzer said, "What we are doing here is providing the necessary legal foundation for what will be a significant expansion in the role of our organization."

"What will set the WFDB Mark apart from other ethical business systems is existence is that, through our member-bourses� judicial systems, the WFDB the ability to audit, monitor, and enforce its ethical code."

Michael Vaughan, secretary general WFDB, said the amendment would be made to Article 2 of the WFDB�s Inner Rules.

�Currently, the first four subsections of Article 2 of the Inner Rules pertain to the relationship between the individual member and his or her bourse, and the sanctions that will be taken in case of non-compliance. With the introduction of a fifth subsection, WFDB bourses will be able to sanction members who have been proven to be of unethical conduct, as described by WFCOP,� Vaughan said.

The amendment was approved and will be brought before the WFDB General Assembly at the Tel Aviv World Diamond Congress.

The breakdown is as follows and subsection "e" is new:

Should a member of the affiliated bourses be suspended or expelled as such for any of the following reasons:
a) cessation of payments;
b) not fulfilling agreements regularly made in accordance with commercial usage or the concluding of secret agreements;
c) not submitting himself to the judgment of the Bourse or Arbitration Committees;
d) non-payment of dues;
e) prejudicing the moral or material interests of the industry by failure to comply with standards of integrity as laid down by the WFDB;

Such facts shall at once be communicated by the secretary-general to the affiliated bourses, which shall take measures against the member concerned in accordance with the laws of their respective countries.


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