WFDB calls members to stop trading in Venezuelan diamonds

The World Federation of Diamond Bourses (WFDB) is getting its act together to make sure none of its members of the 29 bourses members trade directly or indirectly in diamonds originating from Venezuela. This is following the announcement that the country will suspend itself from the Kimberley Process Certification Scheme for at least two years.

Avi Paz, president of WFDB called on the members saying "The WFDB and its member bourses have a cast-iron rule that rough diamonds can only be traded when they are accompanied by KP certificates. Any bourse member who trades in rough diamonds without KP certification is liable for expulsion from his bourse, which in all practical terms means the exclusion from the entire diamond business community."

Venezuela announced its suspension from the Kimberley Process at the KP inter-sessional meeting in New Delhi on June 19.