The World Diamond Council set up in July 2000 after a joint meeting of the World Confederation of Diamond Bourses and the International Diamond Manufacturers Association is an organiztion comprising representatives of the diamond manufacturing and trading companies, whose primary objective was to examine ways to reduce the number of conflict diamonds entering the diamond market, and thereby defending the integrity of the diamond and jewelry industries. The WDC has representatives on the working groups of the Kimberley Process and assists in the implementation of the Process worldwide.
In November 2013, the general membership of the WDC met to discuss and approve, a proposed roadmap for re-organization of the Council, designed to ensure that WDC remains reflective of the composition of all the international diamond and jewelry sectors, to ensure a transparent decision-making process and to provide financial stability over the long term. Accordingly, the WDC has initiated the process to reform the organization in keeping with the roadmap provided by its newly amended bylaws approved by a vote of the full membership last November.
The first step of the reform process is a registration drive involving the re-registration of existing WDC members and the registration of new WDC members under the new bylaws. According to the amended bylaws it is mandatory that all members of the Council pay annual dues according to a graded fee structure that takes due consideration of the size and occupation of the body the member represents.
The registration drive is scheduled to end in March, after which the general membership of the WDC will meet and elect a new Board of Directors. According to the amended bylaws, the new Board of Directors should reflect the geographical diversity of the entire diamond supply chain, and include representatives of all stakeholders in the industry such as, mining companies, diamond manufacturers and traders, diamond jewelry manufacturers and retailers, and industry service providers.
The new amended laws further stipulate that the new Board of Directors will then elect the WDC President and Vice President. The WDC President will serve a single two-year term, following which he or she will be succeeded by the sitting Vice President.
Under the amended laws, the new Board of Directors shall also have the power to appoint members to the four standing committees, which include a Finance Committee, Audit Committee, Kimberley Process Task Force Committee and Technical Committee.
“It is today clear that the World Diamond Council’s mission to defend the integrity of the diamond and jewelry industry will remain pertinent over the long-term. These reforms will enable us to maintain a robust, representative, efficient and transparent structure, which serves all members of our business community,” said WDC President Avi Paz.