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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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Another key discussion followed the presentation by Donna Baker, president of the Gemological Institute of America (GIA) on the lab’s recent decision to cancel accounts with clients who had repeatedly submitted High Pressure High Temperature (HPHT)-treated stones for grading without prior disclosure, or who were in violation of any other clauses in the GIA's clients' agreements. The meeting decided that WFDB's legal counsel will work with the legal counsel of the GIA to find a legal way to disclose the names of those clients and other relevant information and to advise the WFDB Executive Committee about the sanctions that should be taken in such cases. It was decided to take all possible sanctions against members who submitted HPHT diamonds to a lab without proper disclosure.

The meeting also discussed the need to change, update and adapt the WFDB's by-laws, taking into account the changes in the new models that have been introduced for diamond trading and new trading channels that are commonly used today, such as online trading, online sales and auctions.

In addition, WFDB President Paz noted that since the WFDB is to widen its membership circle by offering associate or affiliate membership to diamond producing countries and possibly to diamond mining companies, it will need to review its by-laws and rules to include these new members.

A working group of five bourse presidents, led by Rami Baron, president of the Diamond Dealers Club of Australia, presented a business plan for the expansion of the WFDB Mark in the diamond jewellery retail sector, though details of the proposals and related decisions have not been made public.

Earlier the opening session was addressed by keynote speaker Sultan bin Nasser al Suwaidi, Governor of the Central Bank of the United Arab Emirates, who offered an overview (al Suwaidi speech) of the impact of the economic crisis and how the UAE has weathered the financial crisis.

"In the UAE, we have ample resources to sustain a reasonable economic growth rate - not too high, because too high a rate of economic growth creates inflation, as we saw in the UAE in 2007 and 2008. Growth of our stable deposits is running at a high single-digit and therefore we are able to meet the credit expansion requirements of a medium single-digit economic growth," al Suwaidi said.

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