DiamondBuzz
Israel Diamond Exchange quits WFDB amid tariff dispute
The Israel Diamond Exchange (IDE) has suspended its membership in the World Federation of Diamond Bourses (WFDB), citing dissatisfaction with the organisation’s conduct during the ongoing US import tariff crisis, Rapaport News reported.
In a letter to WFDB Secretary-General Rony Unterman on 8th April, the IDE board said the decision followed unanswered requests for information and actions that had harmed Israel’s diamond trade. IDE President Nissim Zuaretz told Rapaport the move was triggered by WFDB President Yoram Dvash’s comments in Calcalist, where he criticised country-specific lobbying and promoted a global strategy for tariff exemptions.
Zuaretz accused Dvash of trying to take credit for advocacy led by the World Diamond Council (WDC), potentially jeopardising Israel’s own efforts. Dvash denied the claims, telling Rapaport they were “untrue and frankly absurd,” and emphasised the WFDB’s ongoing collaboration with the WDC.
Zuaretz said the IDE would shift focus to partnerships with the WDC and the International Diamond Manufacturers Association (IDMA), while also saving over $29,000 in annual fees. Dvash described IDE’s withdrawal as “rash,” warning it could weaken global unity at a critical time for the industry.
DiamondBuzz
WDC Transitions To An Expanded System Of Warranties
Broadening Its Scope Beyond Conflict Diamonds To Encompass Human Rights, Labor Standards, Anti-Corruption, and Anti-Money Laundering
The World Diamond Council (WDC) has fully transitioned to an expanded System of Warranties, broadening its scope beyond conflict diamonds to encompass human rights, labor standards, anti-corruption, and anti-money laundering controls across the global diamond supply chain.
First introduced in 2002 to complement the Kimberley Process for rough diamonds, the voluntary self-regulatory system applies to transactions involving polished diamonds and finished jewelry.
Following a five-year transition period that concluded on Sept. 21, companies trading in diamonds are now required to register on a dedicated WDC digital platform and complete an annual online self-assessment to maintain compliance.
Upon completing the evaluation, businesses receive a unique identification number to include alongside updated warranty declarations on commercial invoices and memos. The WDC initiated the revision in 2017 to modernize industry self-regulation and ensure broader ethical sourcing standards across intermediate and retail markets.
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