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Moscow Diamond Bourse celebrates WFDB membership

December 20, 2006

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Moscow—Leaders from the international diamond industry helped members of the Moscow Diamond Bourse (MDB) celebrate their acceptance into the World Federation of Diamond Bourses (WFDB) in an event held last week.

The meeting highlighted both the opportunities and challenges the local industry and the jewelry trade face in Russia.

At a conclave held at the Golden Ring Hotel in Moscow, MDB President Lev Polyakov greeted guests including World Diamond Council Chairman Eli Izhakoff, CIBJO President Gaetano Cavalieri, WFDB Vice President Avi Paz and WFDB Honorary Life President Shmuel Schnitzer.

In addition, about 30 industry representatives from around the globe—including ambassadors from Belgium, South Africa and Angola—and members of the Russian and Belarus governments were in attendance. Heads of Russia's precious-metals and minerals industries were also present.

Polyakov said the MDB, a young organization in a developing market, is eager for advice and assistance from industry leaders.

Several of the industry guests addressed the meeting such as Izhakoff, who urged the MDB to remember its responsibilities as a member of the organization.

"You must be knowledgeable and learn about the Kimberley Process, for example," he told the gathering. "It is also crucial to understand the importance of maintaining and upholding our business' ethical standards and moral character."

In addition to emphasizing the opportunities and progress made in the Russian jewelry industry, the event also highlighted the work that still needs to be done. Vitaly Basygysov, director of the Precious Stones and Metals Committee for the State Duma, said there have been major changes to Russia's diamond and precious-metals market over the last decade, as the sector has moved from being government-owned to new laws that have allowed the development of private enterprises and growth of the sector.

He said, however, that despite these laws there is still need for more changes in both attitudes and practices.

"We are entering the World Trade Organization, and we need changes that will put us on an equal foothold with other countries, so we have equal competitive conditions," he said. "We are facing lots of unsolved problems that are being worked on. The government is considering more new laws aimed at liberalizing the trade, but they are being delayed."

He said hearings and meetings with members of parliament are being organized to push these laws forward. Basygysov pointed to some progress and said the MDB will help bring about further change.

In addition to the celebration of the bourse, attendees also got a glimpse of plans for the World Wide Diamond Center in Moscow, a 12-story, 753,000-square-foot building that will eventually house the MDB as well as a retail jewelry center.
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