WFDB reports positive results from first executive meeting of 2013

The first World Federation of Diamond Bourses (WFDB) executive committee meeting of 2013 took place on February 3 and 4 in Antwerp under the chairmanship of newly elected president Ernie Blom.

“I am very pleased with what was discussed and achieved during the meeting. Membership provided positive feedback on the action-orientated strategy which is being implemented. We all have a common goal for the federation going forward,” commented Blom.

A proposal to consolidate all member bourses' data was made by Willy Rotti, President of the Diamantclub van Antwerpen. This would create a central data base at the WFDB Secretariat, containing basic information on all members of the affiliated bourses.

The data base would not be made public and is important due to the “know your customer rule” and anti-money laundering regulations, according to a WFDB statement.

The WFDB said the Israel Diamond Exchange’s (IDE) new trading policies would impact certain WFDB members and the organization has held talks with the IDE President Yair Sahar and IDE Managing Director Moti Besser to resolve the issues.

The meeting also called on all members to honor financial commitments to The World Diamond Mark as this worldwide marketing initiative for the diamond industry is entering its implementation phase. The World Diamond Mark aims to develop generic marketing campaigns which will be customized for each country, taking into consideration cultural differences

The WFDB is in the process of approaching associations and organizations involved in the process of money laundering in order to engage with these organizations and ensure that industry expertise and knowledge is available for decision making that affects the diamond industry.

Also on the agenda was the WFDB's Asian Summit, due to take place on March 3 and 4 at the Tokyo Diamond Exchange. The WFDB discussed the importance of this event which will focus attention on Asia and allow Asian countries the opportunity to discuss issues relating to the region.

The federation also said that the WFDB Presidents’ meeting is scheduled to take place in Turkey from June 16 to 18 and will be hosted by the Istanbul Gold and Diamond Exchange.