WFDB Presidents’ sets 4 diamond pillars

Social responsibility, transparency, compliance and full disclosure 

The World Federation of Diamond Bourses (WFDB) concluded a very successful Presidents’ Meeting at the DMCC in Dubai last week, during which the organization adopted a resolution in support of social responsibility, transparency, compliance and full disclosure. This was also the first time that representatives of the Young Diamantaires were invited to join the Executive Committee meeting and Working Session.  

The Opening Session on February 24 featured keynote speaker Angola Minister of Mineral Resources, Petroleum and Gas, HE Diamantino Pedro Azevedo. Other speakers included host DMCC Executive Chairman Ahmed Bin Sulayem, Alrosa Head of International Relations Peter Karakchiev, De Beers CFO Midstream Susanne Swaniker, CIBJO President Gaetano Cavalieri and WDC President Edward Asscher.

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.”  

Later the WFDB adopted Guidelines on Responsible Business Practices, which includes the following: 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 that featured the top leadership of the world industry. It also included the official opening of the Israel Diamond Exchange (IDE) office in the DMCC, a direct result of the agreement forged between the IDE and the DMCC after the signing of the Abraham Accords in 2020.  

All the events were hosted by DMCC Executive Chairman and CEO Ahmed Bin Sulayem, and were organized by Special Advisor Martin Leake and his staff.