(Rapaport…December 16, 2002) Shmuel Schnitzer, president of the World Federation of Diamond Bourses (WFDB), has reiterated the need for diamantaires to comply with the Kimberley Process on January 1.
Schnitzer was one of several industry leaders who recently called on governments participating in the new diamond certification system to implement it without delay. In the latest edition of the WFDB’s newsletter, he spoke instead to the industry, stressing its obligations and the price that noncompliance would bring within the business.
“This is not a responsibility that should be taken lightly,” Schnitzer said. “Those who intentionally mask the true origin of a diamond by a false statement are likely to have their trading privileges suspended and possibly withdrawn by their own bourse, and all others who are affiliated with the WFDB.”