World Diamond Council Affirms Support for Kimberley Process

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(Rapaport…June 5, 2002) The World Diamond Council (WDC) issued a statement on June 3 at the JCK Las Vegas Show that affirmed the organization’s support of the Kimberley Process. The announcement stated that the WDC supports self regulation through a system of warranties and that such regulation can only be effective when it is supported by strict government border controls at points of import and export.

The following is a summary of the WDC’s position issued by WDC chairman Eli Izhakoff:

1. The WDC reiterates its full support for the Kimberley Process to stop the trade in conflict diamonds and calls on all governments to implement the Kimberley Process.

2. The WDC believes that both the Kimberley Process Certification Scheme for Rough Diamonds and the WDC proposal for industry self regulation included therein are essential.

3. The WDC reiterates its unconditional support to the proposed industry self regulation through a system of warranties as it was presented at the Luanda meeting of the Kimberley Process in October 2001 and as adopted at the second annual WDC meeting in Milan in March 2002.

4. The WDC confirms that industry self regulation can only be effective when it is supported by strict border controls by governments at import and export.

5. The WDC is representative of the whole diamond and jewelry industry. The WDC was created as the result of a Joint Resolution of the World Federation of Diamond Bourses and the International Diamond Manufacturers Association at their congress in July 2000. Furthermore, through the active membership of The World Jewellery Confederation (CIBJO) and its affiliated organizations, the WDC is also truly representative of the jewelry industry on this issue.

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