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Rapaport News
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WFDB Cancels the South Korea Bourse's Request for Membership
Membership cancelled as result of unpaid entrance fee.
Nov 22, 2011 9:57 AM
By Jeff Miller
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RAPAPORT... The executive committee of the World Federation of Diamond Bourses (WFDB) cancelled the membership request of the Diamond Bourse of South Korea (DBK) due to an unpaid entrance fee. DBK sought to become the WFDB's 29th member and the move was approved, in principle, at the 33rd world diamond congress back in 2008.
WFDB's president, Avi Paz, said the decision to cancel the request was made this month. ''We have time and again asked the DBK to make payment, but our calls went unanswered. 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."
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Tags:
bourse, diamond, Jeff Miller, korea, south, WFDB
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Barring membership
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Nov 22, 2011 1:39PM
By D Selove
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So South Korea didn't pay their dues. For shame.
But Dubai pays their dues and openly discriminates against Israel & Israelis. And they are still entitled to membership in global industry organisations ? This is not shameful ?
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