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WFDB, IDMA wrap up World Diamond Congress
National Jeweler
July 13, 2010

The 34th World Diamond Congress drew to a close Tuesday in Moscow, with the expected issues--the Kimberley Process (KP) and economic recovery--taking center stage.

The congress, which is the biennial meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), was held in Moscow this year.

During the three-day session, IDMA drafted and accepted a resolution expressing its belief that continued cooperation among governments, industry and civil society is necessary for the success of KP but acknowledged that some KP reforms are needed.

Those reforms include changes to the voting structure, currently a unanimous vote is needed to move forward on any issue--and implementation of an administrative support system.

IDMA also accepted a second resolution calling for immediate implementation of KP Monitor Abbey Chikane's recommendation to certify exports of rough diamonds from Zimbabwe's troubled Marange region that meet KP standards.

Chikane recommended at the KP intersessional last month that exports from the Marange diamond field, the site of reported human rights abuses, be allowed to resume.

But KP members could not reach a unanimous decision on the subject, leaving the Marange rough trade in check.

Also discussed by IDMA members were the industry's stalled efforts to launch a worldwide generic marketing campaign for diamonds through the International Diamond Board (IDB).

IDMA President Moti Ganz said he hopes all parties involved in the formation of the IDB will make "significant progress soon."

Meanwhile, in the closing address of the WFDB, President Avi Paz said members need to internalize the lessons of the financial crisis, with cutting back on memo transactions being chief among them, according to a news release.

"The WFDB calls upon its members to continue implementing policies such as a greatly reduced dependence upon memo sales and a reluctance to extend lengthy terms of credit," Paz said.

The WFDB General Assembly also called for increased cooperation from banks in financing the diamond industry, particularly small and mid-sized companies, and requested that the industry's rough producers allocate sizable volumes of rough to be sold outside the tender system, a system that places small and mid-sized manufacturers at a disadvantage.

Also during the congress:

• IDMA members re-elected Ganz as president,
• Ronnie VanderLinden as secretary general and
• Stephane Fischler as treasurer.
• Eduard Denckens, Ronald Friedman, Vasant Mehta and Maxim Shkadov were all elected to serve as vice presidents.
• It was also announced that IDMA would hold its 2011 Presidents' Meeting in Botswana.

The WFDB confirmed that the 2011 Presidents' Meeting would be held in Dubai, United Arab Emirates, with the Dubai Diamond Exchange hosting.

The 35th World Diamond Congress will be held in Mumbai, India, in 2012 with the Bharat Diamond Bourse hosting.

The International Diamond Council (IDC) presented the Russian translation of its "IDC Rules for Grading Diamonds" to Sergey Oulin, chairman of the Diamond Chamber of Russia and host of the congress.

As the congress concluded Tuesday both Paz and and World Diamond Council (WDC) President Eli Izhakoff heralded the release of imprisoned human rights activist Farai Maguwu on bail.

Maguwu has been in a Zimbabwe prison since early June after Zimbabwean authorities arrested him following a meeting with Chikane.

On Tuesday, Izhakoff said in a news release that the WDC is relieved to hear of Maguwu's release and hopes that the charges against him are dropped.

He also noted that Maguwu's release could end the standoff over rough trade in the Marange region.

"Mr. Maguwu's ongoing detention clearly has clouded the discussions regarding the resumption of rough diamond exports from the Marange region," Izhakoff said.

"I hope that this latest development will set the stage for the discussion that we will have at the Kimberley Process Mini-Summit in St. Petersburg tomorrow and that we then will be able to move forward toward the resolution of the current impasse."

The special KP mini-summit is being held in conjunction with the 7th annual meeting of the WDC, which is being held in St. Petersburg, Russia, on Wednesday and Thursday.

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