About
About
WFDB
The World Federation of Diamond Bourses (WFDB) is an association of the world’s major diamond bourses and promotes the interests of the member bourses and their members. As the official organization of the international diamond trading sector, the WFDB creates a common set of trading practices in rough and polished diamonds.
As the industry’s most important representative body, the WFDB advances the principles of trust, transparency and integrity among the members of the bourses and throughout the industry.
Founded in 1947, the WFDB currently has 29 affiliated bourse members located in major diamond centers throughout the world. The WFDB encourages the establishment of new diamond bourses, and aids and supports bourses in their early stages. The organization also invites members of related diamond sectors – such as finance, retail, shipping and more – to join as associate members.
Member bourses maintain their autonomy in internal matters, while complying with the policies and decisions of the organization’s governing bodies. This includes the amicable settlement or arbitration of disputes between individual members of affiliated bourses and/or between affiliated bourses.
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History
The World Federation of Diamond Bourses (WFDB) was founded in 1947 to unite the various diamond exchanges under one roof, and to provide a common set of trading practices in rough and polished diamonds.
The inaugural meeting of the WFDB took place in Antwerp in July 1947, at the first World Diamond Congress. At the World Diamond Congress in Amsterdam in 1975, the WFDB and the International Diamond Manufacturers Association acted together to regulate diamond grading standards, appointing a joint committee to create an international set of rules, working methods and nomenclature. In 1978, the system was presented at the World Diamond Congress in Ramat Gan, and approved as the IDC International Rules for Grading Diamonds.
At the World Diamond Congress in Antwerp in 2000, the WFDB and IDMA acting in unison again, created the World Diamond Council (WDC) in an effort to protect the diamond pipeline from the infiltration of rough stones from conflict areas in Africa. Mr. Eli Izhakoff was unanimously elected to chair the new body. Under his leadership, the WDC, together with the United Nations, governments in producer, manufacturer and consumer centers and civil society, created the Kimberley Process Certification Scheme. After 13 years of heading the WDC, in May 2013 Izhakoff was unanimously elected Lifetime Honorary President of the WDC.
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WFDB
structure
The WFDB is governed by a General Assembly that meets every three years at World Diamond Congresses. Among other functions, the General Assembly elects the executive officers and the 7 additional executive committee members, amends the By-Laws, admits new members and determines the yearly contribution of each bourse. Presidents Meetings, consisting of presidents of all member bourses, convene once a year.
The Executive Officers of the WFDB are the President, Vice President, Secretary General and Treasurer. The President chairs the Executive Committee, which consists of the elected office holders and seven additional executive members. The Executive Committee includes at least one member from the five major manufacturing and trading centers: Antwerp, Ramat Gan, New York, Mumbai and Johannesburg.
The WFDB is headquartered in Antwerp, where the Secretary General, which manages the daily administration of the organization, is located.
The Executive Committee directs and enforces the policies of the WFDB according to resolutions
passed by Congresses and Presidents’ Meetings and has the authority to give them proper effect. Learn more
The Judicial Committee is responsible for all legal matters relating to the WFDB, such as international arbitration issues. The Committee makes recommendations to the Executive Committee and the affiliated bourses to amend the WFDB Laws and Inner Rules. Learn more
The Promotion Committee makes recommendations to the Executive Committee in order to enhance
the promotion of the WFDB on various levels, such as via social media, the website and more. Learn more
The Trade and Business committee makes recommendations to the Executive Committee concerning industry relations with financial institutions worldwide, lab-grown diamonds, Know Your Customer and the System of Warranties. Learn more
