WORLD FEDERATION OF DIAMOND BOURSES
II - In-house lobbyists and trade/business/professional associations
Trade and business associations
Mr Ernie Blom
Mr Ernie Blom
The WFDB provides a legal framework and convenes to enact regulations for its 28 affiliated bourses and this is supported by an effective and respected system of self-regulation and disciplinary procedure, which has certainly stood the test of time, as it has been in operation for more than 60 years. The WFDB also provides a procedure for International Arbitration, which is made available to bourse members upon application by the members’ bourse.
There are 10,000 individuals directly dependant for their livelihood on the 15,000 members, belonging to our affiliated bourses, which are situated in 20 countries and spread over the 5 continents. More than 90% of lose diamonds that are traded, at one stage or another pass through the hands of a member of a bourse, which is affiliated to the WFDB.
The responsibility for administering the WFDB’s affairs rests with the Executive Committee, which comprises of four office-holders, president, vice-president, secretary-general and treasurer-general and six members, all of whom must be a member on the board of directors of one of the 28 affiliated bourses. Elections for the WFDB’s Executive Committee are held at the each World Diamond Congress, which takes place every 2 years.
The function of the WFDB is as diverse as the members who belong to it. Ethics, sound business practice and morality are paramount and these are vigorously protected by the WFDB’s Constitution, which consists of Bye-Laws and Inner Rules and Resolutions and Recommendations, amendments to the constitution are tabled at the bi-annual World Diamond Congress, as it is only Congress, which is empowered to amend the rules.
Furthermore, it is the aim of the WFDB to encourage the establishment of bourses with a view to eventual affiliation, at the 33rd World Diamond Congress held last May in Shanghai, Congress approved applications from 3 new bourses; it’s the first time in the WFDB’s history, where 3 bourses have applied and been accepted for affiliated membership.
Over the years the WFDB has been involved in a number of important major international and industry initiatives and I list below, but a few:
Financial Action Task Force (FATF)
The FATF an inter-governmental organisation founded in 1989 by the then G7 to address the issues of terrorist financing and money laundering. The WFDB was accepted as a member on the Consultative Forum at the Plenary meeting which took place in London in June 2008.
As a member of the international electronic group the WFDB provided valuable input leading to the publication of the RBA Guidance for Dealers in Precious Metals and Stones. The WFDB is mentioned by name in clause 129 of the Guidance, which was co-ordinated by a member of the Financial Crime & Intelligence Division of the Financial Services Authority (FSA) in London.
World Diamond Council (WDC)
The WDC is the body set up by the WFDB at the 29th World Diamond Congress held in Antwerp in 2000 and headed by WFDB Honorary Life-President. It works hand in hand with over 47 Governments, plus the Countries which are part of the European Union and the United Nations, to rid the industry of the scourge of diamonds originating from areas of conflict.
The WDC was instrumental in the effectiveness of the Kimberley Process and the Kimberley Process certification scheme.
Today the role of the WDC is just as important as it was back in 2000. The role of the Kimberley Process and the WDC was to set in motion a process, which would lead to the eradication of diamonds originating from areas of conflict, today their role is to see that the KP system works smoothly and that diamonds will not be used to fuel any future conflict.
At the height of the problem, diamonds originating from areas of conflict, represented between 3.6 and 3.7% of the total world production of rough diamonds, this figure was reported by De Beers in a report delivered in Washington, to a US government committee, set-up to investigate the ‘diamo
The WFDB is a member of the FATF consultative Forum
The WFDB is a member of the FATF
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Member on the FATF Consultative Forum.
CEN, directly and indirectly through the International Diamond Council
World Diamond Council
01/2014 - 12/2014
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