The World Federation of Diamond Bourses (WFDB) recently ruled that the Israel Diamond Exchange (IDE) is no longer a member, and separately it welcomed new applications from four prospective members.
In April, Rapaport reported that the Israeli exchange had sent the WFDB a letter announcing it was suspending its membership, following a dispute over who speaks about tariff-related issues.
In its reply earlier this month, the federation noted that only it can suspend or expel members, so it considers the IDE’s letter a “resignation notice.”
The WFDB’s letter, obtained by JCK, stipulated that, going forward, IDE members cannot engage in the global body’s worldwide arbitration system and the IDE cannot label itself a WFDB-affiliated bourse.
“Please inform your members as to the consequences of IDE’s resignation,” said the letter, addressed to IDE president Nissim Zuaretz and signed by WFDB judiciary committee chairman Daniel Fraenkel and secretary-general Rony Unterman. “We regret your decision and wish IDE members the best.”
In related news, the WFDB has received membership applications from bourses in Botswana, Senegal, Angola, and Qatar. At the organization’s recent meeting in New York City, president Yoram Dvash called that an unprecedented number of membership applications and said it reflects the WFDB’s current strength.
The WFDB presidents’ meeting, held in June, attracted a wide range of dignitaries, including Duma Boko, the president of Botswana; De Beers president Al Cook; and an assortment of officials from both Botswana and Angola.
Note: After this story went to print, Israeli Diamond Exchange president Nissim Zuaretz told JCK that his bourse didn’t see the value of remaining in the WFDB. He added: “Our bourse has the best arbitration in the world.”
Top: The Israel Diamond Exchange’s trading floor (photo courtesy of the IDE)