WFDB, DTC discuss key issues at annual meeting

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WFDB, DTC discuss key issues at annual meeting

May 17, 2007

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London—The World Federation of Diamond Bourses (WFDB) and the Diamond Trading Co. (DTC) held their annual meeting on April 26, with the WFDB mark, the 2008 DTC Sightholder Contract and the growing importance of maintaining high ethical standards among the issues discussed.

WFDB President Ernie Blom led the WFDB executive committee in talks with DTC Managing Director Varda Shine.

Among the issues discussed:

* The WFDB and the DTC agreed to create an annual plan for road shows in cutting centers.
* The DTC and the De Beers Group recognized the importance of the secondary market and will continue to support it. But because Diamdel has entered a consultation process with employees regarding possible restructuring worldwide, De Beers and the DTC couldn't comment further.
* Given that both the DTC and the WFDB are aligned in their goal to evidence ethical accountability in the industry, the DTC said it supports the WFDB's goal to create the WFDB mark.
* Following an earlier meeting with the WFDB, the DTC noted that participants at every level of the diamond pipeline, wherever they bring value and regardless of their business model, can apply for a 2008 contract.
* The DTC recognized the importance of sightholders becoming members of the WFDB if they were not already members.

Also at the meeting, the DTC congratulated the WFDB on its 60th anniversary and welcomed Blom as the federation's new president.

Both parties stated that the meeting was productive and demonstrated that there's much common ground between the two parties.

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