The board of directors of the Israel Diamond Exchange (IDE) has decided to unanimously and immediately suspend its membership in the World Federation of Diamond Bourses (WFDB) due to "recent actions" which "have caused harm to the Israeli diamond industry," according to media reports.
"The decision follows multiple requests made by us to receive information regarding the federation’s activities - requests which regrettably remained unanswered," Rapaport quotes IDE’s letter to WFDB.
"[IDE will] focus its international engagement on close cooperation with the World Diamond Council (WDC) and the International Diamond Manufacturers Association (IDMA), which we view as the leading global bodies in the industry."
According to the media source, the move may be connected to the recent executive order by US president Donald Trump to impose import tariffs on goods from most countries. WFDB president Yoram Dvash intends to "promote a blanket exemption" for diamonds irrespective of origin country. Meanwhile, IDE president Nissim Zuaretz claimed Dvash was trying to portray himself as the leader of efforts to obtain a global exemption, when in fact the WDC - according to Zuaretz - was heading this. Dvash’s comments also risk damaging the Israeli industry’s campaign to lobby the Israeli government, Zuaretz cautioned.
At the same time, Rapaport quotes Dvash as saying that the WFDB "has always worked together with other major organizations, such as the WDC, to improve the position of the diamond sector worldwide."
"It’s not clear why they (IDE - ed.) are choosing now to break away from the other diamond bourses. We are stronger when we are united [and] when we all work together," he added.
Theodor Lisovoy, Managing Editor, Rough&Polished
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