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WFDB Presidents to Set Up Financial Task Force

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(Press Release) ANTWERP, BELGIUM – The WFDB (World Federation of Diamond Bourses) will be creating a financial taskforce to follow up on the Finance Seminar held during the 2017 Presidents Meeting, President Ernie Blom told a press conference at the end of the event on Wednesday at the Bharat Diamond Bourse (BDB). Blom said that the comprehensive discussion on financing for the diamond industry, along with the issue of generic diamond marketing and other key topics, had been extensively debated at the Presidents Meeting.

“We had a set of very frank and productive discussions which covered a great deal of ground,” Blom told Indian and foreign media representatives. “The cornerstone of this Presidents Meeting was the Finance Seminar. We are determined to show the banks that the idea of the diamond industry as a high-risk sector is a misperception, and the seminar was aimed at correcting that.

“I believe that we are one of the best regulated industries in the world. We are determined to be in complete compliance with anti-money laundering regulations, and are promoting the Know Your Customer concept so that industry members and the banks completely understand what is required from each side.” 

BDB President Anoop Mehta said, “We spent many months planning the Finance Seminar, and the large turnout showed that it paid off and was much appreciated by WFDB Presidents and representatives of the whole diamond pipeline. We continue to help our members become up to date with the regulations that are required. We do not allow cash transactions, and the BDB has appointed chartered accountants to provide free advice to all our members to help them become more organised and in line with banking regulations. The key word is transparency and we are doing everything to comply.”

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