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The announcement comes days after the South American country said it was suspending itself from the Kimberley Process Certification Scheme (KPCS), which is meant to ensure conflict diamonds do not enter the trade.
Venezuela made the declaration at the Kimberley Process intersessional meeting held in New Delhi, India, late last month.
“The WFDB and its member bourses have a cast-iron rule that rough diamonds can only be traded when they are accompanied by KP certificates,” said WFDB president Avi Paz. “Any bourse member who trades in rough diamonds without KP certification is liable for expulsion from his bourse, which, in all practical terms, means the exclusion from the entire diamond business community.”
