The World Federation of Diamond Bourses (WFDB) concluded “a very successful Presidents’ Meeting at the DMCC in Dubai last week,” according to a press release.
During the meeting, the WFDB adopted a resolution “in support of social responsibility, transparency, compliance and full disclosure.” WFDB and Chairman Yoram Dvash called on the diamond industry to adopt the principles of social responsibility and transparency for the good of the industry. He said, “I call on us all to adopt these values. It is vital, if we want to protect the future of our industry.”
The WFDB adopted Guidelines on Responsible Business Practices, which includes: responsible sourcing throughout the supply chain, respect for human rights, fair labour practices, protection of the environment, adherence to AML and anti-terrorist finance regulations, and full disclosure on laboratory grown, treated diamonds or simulants. WFDB bourse members are called on to comply with these principles or face disciplinary action.
The Presidents’ Meeting was the culmination of a full week of events, which included the Dubai Diamond Conference and the official opening of the Israel Diamond Exchange (IDE) office in the DMCC.
