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WFDB calls for boycott of Venezuelan diamonds

June 25, 2008

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Antwerp, Belgium—The head of the World Federation of Diamond Bourses (WFDB) is calling on its 29 member bourses to avoid trading, directly or indirectly, in diamonds from Venezuela.

The announcement, made on Wednesday by WFDB President Avi Paz, follows the South American country's declaration that it will suspend itself from the Kimberley Process Certification Scheme (KPCS), the process initiated in 2003 to ensure conflict diamonds do not enter the trade.

Venezuela made the announcement on June 19 at the Kimberley Process inter-sessional meeting held in New Delhi, India.

"The WFDB and its member bourses have a cast-iron rule that rough diamonds can only be traded when they are accompanied by KP certificates," Paz said. "Any bourse member who trades in rough diamonds without KP certification is liable for expulsion from his bourse, which, in all practical terms, means the exclusion from the entire diamond business community."

Bourses that are members of the WFDB include the Diamond Dealers Club in New York and the Israeli Diamond Exchange Ltd.

This announcement comes just before the 6th annual meeting of the World Diamond Council, scheduled for June 30-July 1 in Antwerp, Belgium. The council is the international body charged with coordinating the industry's campaign against conflict diamonds.

The theme of this year's council meeting is "Celebrating Five Years into the Kimberley Process."
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