A set of amendments to the bylaws of the World Diamond Council (WDC) and a Code of Conduct that lists core values according to which members are guided, has been approved with the vote by the full membership of the World Diamond Council. The vote, which was conducted by an email poll of WDC's global membership, followed the approval of the amended bylaws and Code of Conduct by the organization's Board of Directors.
The proposed bylaws and Code of Conduct were recommended by a Steering Committee established by the WDC Board in July 2012 and headed by WDC Vice President Andrew Bone. Thepurpose of the committee was to examine the restructuring of the World Diamond Council in terms of membership, financing and administration, in turn upgrade the functioning and efficiency of the organization in its second decade of operation.
"This is a most significant milestone," said WDC President Avi Paz, "in that the new statutes provide a framework that ensures that the World Diamond Council remains representative of all sectors in the diamond and jewellery industries, and a structure that will enable the organization's transparent and professional operation and development over the long term."
The provisions of the amended bylaws include: a requirement that the Board of Directors should represent the geographical diversity of the entire diamond supply chain; all WDC members pay annual dues, with a fee structure that is formulated by the organization's Finance Committee and approved by the Board of Directors; a limit of a single two-year term for the WDC President, following which he or she will be succeeded by the sitting Vice President. The President and Vice President will be elected by the new Board of Directors, for which elections are scheduled for the end of 2013; creation of a position of WDC Executive Director ; addition of a Technical Committee as one of the WDC's permanent standing committees.
The Code of Conduct insists that, on a continuous basis, WDC members be abreast on requirements of compliance with the Kimberley Process Certification Scheme (KPCS), and that they educate their staffs in this respect. Also, members must implement all elements of the WDC System of Warranties in their own businesses, while ensuring that their business partners understand and implement both the KPCS and the WDC System of Warranties.
The World Diamond Council was created in 2000 to coordinate efforts of the international diamond and jewellery sectors to eliminate the trade in diamonds from areas of conflict. The WDC System of Warranties is a complementary system to the Kimberley Process Certification Scheme, according to which, each time that polished diamonds are sold, a declaration from the seller is included that guarantees that the diamonds are fully KP compliant.