The diamond industry is applauding action recently taken by the G8 Summit that will ensure that diamonds are not hijacked by terrorists.
“We have voluntarily agreed to regulation so that both the diamonds and currency we handle remains untainted,” said Ernie Blom, president of the World Federation of Diamond Bourses.
In his address to the Global Forum, WFDB vice president Avi Paz called on governments to formulate measures to separate legitimate diamond business from terrorism. “We fully support efforts designed to eliminate the possibility that the diamond be used as a tool for money launderers,” he said. “At the same we urge that these efforts do not result in the creation of artificial trade barriers, nor should they impose impossible burdens.”