This came after the South American country earlier this month suspended itself from the Kimberley Process (KP), which industry and governments set up to combat the illicit trade of conflict diamonds.

"The WFDB and its member bourses have a cast-iron rule that rough diamonds can only be traded when they are accompanied by KP certificates," president Avi Paz stated.

"Any bourse member who trades in rough diamonds without KP certification is liable for expulsion from his bourse, which in all practical terms means the exclusion from the entire diamond business community," he cautioned.

Venezuela announced its own minimum two-year suspension from the KP on June 19.

On June 20, the New York-based International Business Times reported that "several nongovernmental organisations" had lobbied for Venezuela's expulsion because of "noncompliance and continued refusal to allow teams from KP member countries to inspect its diamond industry".

The county produces an estimated 150 000 ct/y, but there are no official figures, the online publication said.

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