WFDB implores diamond industry to adopt responsible business practice guidelines
The World Federation of Diamond Bourses (WFDB) concluded a successful President’s Meeting in Dubai last week, during which the organisation adopted a resolution in support of social responsibility, transparency, compliance and full disclosure.
The keynote address was delivered by Angola Minister of Mineral Resources, Petroleum and Gas Diamantino Pedro Azevedo. Other speakers included Alrosa international relations head Peter Karakchiev, De Beers CFO midstream Susanne Swaniker, World Diamond Council president Edward Asscher and World Jewellery Confederation president Gaetano Cavalieri.
The meeting, which is hosted by the WFDB bi-annually, marked the first time representatives of the Young Diamantaires were invited to join the executive committee meeting and working session.
The Young Diamantaires is an organisation representing more than 280 members from 18 countries, which helps solve industry concerns and create opportunities.
WFDB president Yoram Dvash has called on the diamond industry to adopt principles of social responsibility and transparency for the good of the industry, whereas the bourse members are obligated to comply.
The Guidelines on Responsible Business Practices, which the WFDB has adopted, includes responsible sourcing throughout the supply chain; respect for human rights; fair labour practices; protection of the environment; adherence to anti-money laundering and anti-terrorist finance regulations; and full disclosure on laboratory grown, treated diamonds or simulants.
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