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WFDB Presidents Meeting Deliberations in Dubai
The apex body of the world’s diamond bourses discusses many key questions facing the industry as it seeks to adapt to the changing contours of the business.
By: Diamond World News Service
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May 2 2011 3:14PM
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Reference: 5956  

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The apex body of the world’s diamond bourses discusses many key questions facing the industry as it seeks to adapt to the changing contours of the business. A Diamond World report.

After two days of detailed deliberations, the 2011 Presidents’ Meeting of the World Federation of Diamond Bourses (WFDB) that was held in Dubai in mid April took some important decisions related to certain key areas of the industry’s functioning.

Besides resolving to act against those members who failed to provide full disclosure while dealing in treated diamonds, the body also drew up plans for the expansion of the WFDB Mark, opening WFDB membership to countries and other bodies in the industry and adapting the WFDB's by-laws both for this purpose and to take into account the changes in the new models that have been introduced for diamond trading.

Though it did not lead to any major decisions, the Africa Summit, attended by key leaders of most of the diamond producing countries was also a clear recognition of the increasingly important role these countries will play in shaping the future of the industry.

The summit was attended by leading African ministers, including Susan Shabangu, Minister of Mines of South Africa; Joagim David, Minister of Industry and Mines of Angola; Rui Mangueira, Secretary of State of Angola; Obert M. Mpofu, Minister of Mines of Zimbabwe; Pascale Nyembo Muyumba, representing Martin Kabewlulu, Minister of Mines of the Democratic Republic of Congo, and Edgar de Carvalho, Executive-Secretary of the African Diamond Producers Association.

The discussions focused on the current state of diamond mining and production in their countries and specifically the rough diamond market. Some of the speakers also came out in support of allowing legal export of rough from Zimbabwe’s Marange mines, noting that in their opinion, the country had fully complied with the KP requirements.

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