The WFDB was created in 1947 and claims to have more than 28,000 members across 27 diamond bourses; however, these figures have been disputed.
The Israel Diamond Exchange (IDE) has suspended its membership with the WFDB due to a disagreement over the response to new tariffs.
As documented by Rapaport News, the dispute centres around comments made by WFDB president Yoram Dvash – a former president of the IDE.
Dvash is reportedly in favour of a blanket exemption for diamond imports to the US. This is because most diamonds are polished in India and are hit with a 26 per cent tariff when imported to the US, regardless of mining origin.
In a report by industry analyst Joshua Freedman, IDE president Nissim Zuaretz claims that Dvash is “trying to portray himself as the leader of efforts to obtain a global exemption” while the effort is, in fact, being spearheaded by the World Diamond Council.
He also stated that Dvash’s comments risk damaging the Israeli industry’s campaign to lobby the Israeli government. In a message to members, he also suggested that members would save more than $USD29,000 per year by terminating their membership with the WFDB.
Dvash denied these claims and said the IDE’s decision was unexpected and rash.
“At a time when the global diamond industry is facing some of the gravest challenges of all times, the IDE is choosing to break rank and to go its own way,” he said.
“It’s not clear why they are choosing now to break away from the other diamond bourses. We are stronger when we are united [and] when we all work together.”
The report also noted the IDE’s frustration with the WFDB 's lack of transparency regarding its activities, which is a familiar criticism of the organisation.
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