22 Oct 2021
DiamondWorld Directory
Home |
News
Home
WFDB cancels membership request of Diamond Bourse of South Korea
Cites violation of pre-conditions of membership
By: Diamond World News Service
|
Nov 24 2011 10:34AM
|
Reference: 6504  

DecreaseIncrease

The Executive Committee of the World Federation of Diamond Bourses (WFDB) stated that it had to cancel the present request by the Diamond Bourse of South Korea (DBK) for WFDB membership, due to lack of payment of the entrance fee.

The DBK request to become the WFDB's 29th member was discussed and approved in principle at the 34th World Diamond Congress that was held in Moscow, Russia, in 2010, based on the precondition that DBK fulfills the Articles of Association of the WFDB, in particular, making full payment of the entrance fee.

WFDB President Avi Paz stated, “We have time and again asked the DBK to make payment, but our calls went unanswered. Full payment of the entrance fee to the WFDB is a pre-condition for membership of a candidate bourse to take effect. The DBK never took that last step, and therefore, the request for membership has been denied."

According to Paz, the decision to deny membership was taken at a meeting of the WFDB's governing body in November 2011 in Antwerp. In a letter to the Korean bourse, Paz said that the failure of the Korean bourse to pay the entrance fee constituted a "fundamental violation of the WFDB's undertakings" and that the WFDB therefore had no choice but "to cancel the request of the Diamond Bourse of South Korea for membership and to put the issue on the agenda of the next Congress."

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Sort by: 
 Newest 
 | 
 | 
 | 
 Agree 
 | 
RIGHTSHOPPING KITCHENAPPLIENCES
(Kolkata)
Kitchen works are synergistic with the proper gadgets. Proper gadgets not just assure the proper utilization of the ingredients, but also serve the safety concern of user as well. Jaipan is all here at www.rightshopping.in/g/itb.asp?C=Jaipan-Kitchen-Appliances&b=Jaipan&cid=6 to make the real cooking boost for the user.
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2021
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 30011
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 6402
GJEPC Chairman Interview
Views: 26293
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 36074
Promo for IJ Awards 2012 at NDTV Profit
Views: 50045
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 63317
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 20290
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 47972
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 47106
Member of:
Supporter of: