WFDB Concludes Presidents Meeting in Istanbul

The World Federation of Diamond Bourses (WFDB) has concluded its President Meeting in Istanbul which was attended by representatives of 26 international exchanges.

Also attending was South African Minister of Minerals, Susan Shabangu. In addition, Botswana and Zimbabwe sent high-level delegations.

Among the highlights of the WFDB meeting was the signing of documents to proceed with the registration of the World Diamond Mark Foundation, which allows the body's Mark Committee to continue with arrangements and funding. Members also address developing better channels of communication, including the use of social media.

The WFDB president also confirmed a number of new committees which aim to increase organizational effectiveness and reduce management hierarchy in an effort to improve response time to members.

The WFDB created the following committees: International Arbitration Committee, FATF Committee, Lab & Technical Committee, Publicity Committee, World Diamond Mark Committee and the Membership Committee. They will work with the Finance Committee, the Trade and Promotions Committee and the Judicial Committee, with all of the bodies to report to the WFDB executive.

The presidents meeting addressed diamond and jewelry taxation, which varies by country, and developing markets. Industry analyst Chaim Even‐Zohar led two presentations, one on taxation, and the other an overview of the banking sector relating to the diamond trade.

The meeting Also heard that Canada and South Korea are applying for WFDB membership, with a delegation from South Korean staging its presentation during the meeting, which ended on June 18.

WFDB President Ernie Blom said, ''During our meetings in Istanbul we consolidated our position as the world's leading diamond organization, representing the full value chain from mine to finger. This was further consolidated with the historic agreement signed in Istanbul between the WFDB and CIBJO to work together to enhance and develop the diamond and jewelry industry.''

The WFDB's next meeting, the WFDB World Congress, will take place in Antwerp in June 2014.