Three Exchanges Up for WFDB Membership at Upcoming Congress

Delegations from three new diamond bourses, all of which have put in formal applications to join the World Federation of Diamond Bourses (WFDB), will attend the 2008 World Diamond Congress, to open May 12 in Shanghai.

The three bourses are the Diamond Dealers Club of Australia, the Istanbul Gold and Diamond Exchange and the Panama Diamond Exchange.

The biennial World Diamond Congress is the venue at which the general assemblies of the diamond industry's two leading organizations, the WFDB and the International Diamond Manufacturers Association (IDMA), meet. This year marks the 33rd time the congress has been held.

WFDB president Ernest Blom said the three applications are “quite remarkable,” not only because of the high number of concurrent applications.

“What is particularly exciting is that each of these bourses are located in markets that previously had not been represented. This bodes very well for our industry and the diamond market."

Among the many diamond industry leaders who will be traveling to China is Sergey Vybornov, president of Alrosa, who will be attending his first World Diamond Congress and addressing the opening session. His presence, the organizers said, underscores the growing role being played by the Russian company in the diamond business.

The hosts of this year's event are the Shanghai Diamond Exchange and the CCJP Diamond Manufacturers Association.