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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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Willy Laeremans, Chief Executive Officer of Antwerp Diamond Bank Asia Pacific Ltd., delivered a speech entitled "The need for ethical behaviour and corporate social responsibility in the diamond industry," and industry consultant and analyst Chaim Evan Zohar made a presentation about the past, current and projected supply diamond pipeline of rough and polished diamonds.

Welcoming the recent launch of diamond trading on the Istanbul Gold and Diamond Exchange (IAB) WFDB President Avi Paz noted that "One of the core purposes of the WFDB is to attract new members and unite bourses throughout the world where diamond consumption is on the rise, and Turkey is an excellent example of the kind of bourse we would like to see opening." The IAB has been a WFDB member since 2008.

Paz also said that the WFDB was holding talks with several countries to assist in establishing a diamond exchange. "We have a strong interest in bringing new diamond exchanges into the fold of the WFDB, to facilitate access to our extended family of some 15,000 diamantaires, as well to assure that they operate their organisations according to the rules and regulations of the WFDB," he stated. In this context, the WFDB held talks with a delegation from Ukraine during its meet.

In addition to other routine business matters, the meeting also saw discussions on the critical issue of the KP ban on exports of diamonds from Zimbabwe’s Marange fields. A key speaker on this issue was Vasant Mehta, immediate past chairman of the Gem & Jewellery Export Promotion Council (GJEPC) and a vice president of the International Diamond Manufacturers Association, who said that the diamond trade was being deprived of the supply of some 30 million carats of rough diamonds, at a time when demand for rough is rising. Criticising the decision-making processes in the Kimberley Process, he urged all relevant parties "to sit in the room and hear the voice of sanity and resolve the issue in the next two days, which is acceptable to everybody and of course to Zimbabwe," referring to the KP stakeholder meeting that was held following the Presidents' Meeting, on Thursday, April 14, in Dubai.

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