WFDB cancels membership of Diamond Bourse of South Korea

The Executive Committee of the World Federation of Diamond Bourses (WFDB) determined that the request of the Diamond Bourse of South Korea (DBK) to become a member of the WFDB did not come into effect due to lack of payment of the entrance fee.
 
The request of the DBK to become the WFDB's 29th member was discussed and approved in principle at the 34th World Diamond Congress that was held in Moscow, Russia, in 2010, under the precondition of fulfillment of the Articles of Association of the WFDB, in particular, full payment of the entrance fee. As the DBK has not paid this fee, its WFDB membership did not come into effect and its request has been therefore cancelled.
 
WFDB President Avi Paz said the above decision was taken during a recent meeting of the WFDB's governing body that took place in November 2011 in Antwerp. "We have time and again asked the DBK to make payment, but our calls went unanswered," Paz recalled. "Full payment of the entrance fee to the WFDB is a pre-condition for membership of a candidate bourse to take effect," Paz noted. "The DBK never took that last step, and therefore, the request for membership has been denied."
 
In a letter to the Korean bourse, Paz said that the failure of the Korean bourse to pay the entrance fee constituted a "fundamental violation of the WFDB's undertakings" and that the WFDB therefore had no choice but "to cancel the request of the Diamond Bourse of South Korea for membership and to put the issue on the agenda of the next Congress." 
 
Distributed by MarketDirect Business Communications on behalf of the World Federation of Diamond Bourses (WFDB).
 
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