Thursday, March 11, 2010
WFDB welcomes establishment of Canada’s first diamond exchange
WFDB President Avi Paz has welcomed the establishment of Canada’s first diamond exchange, the Diamond Bourse of Canada, which had its grand opening on January 27 at the Ontario Bar Association Conference Centre in Toronto.
“It’s only logical for Canada to establish a full-fledged bourse,” Mr. Paz said. “While Canada’s population is small compared to its huge southern neighbour, the country’s jewellery industry and trade, as well as its consumer market, have been growing steadily.”
The Diamond Bourse of Canada has been invited to attend as an observer the meetings of the World Federation of Diamond Bourses at the 34th World Diamond Congress in Moscow in June.
The bourse’s first president, Bhushan Vora, credited the government of Ontario for its help the organisation’s establishment. The government matched the Can. $140,000 in funds raised to help create the bourse. Mr. Vora noted the bourse will be self-financed through its Can. $1,500 annual membership fees, as well as commissions on activities such as tenders.
The bourse’s vice president is Greg Jacobson.
The diamond exchange features a full trading floor, private viewing rooms, a customs bonded facility with safety deposit boxes, advanced security, and a lounge and social club room.
The bourse later announced that its trading facility will be fully operational by the end of March. A feature of the trading will be a technology centre, with equipment provided by Sarin Technologies, De Beers and HRD Antwerp NV. A grading certificate drop-off window has already begun operating, and the customs bonded facility will be functional by the third week of the month.
The Diamond Bourse of Canada is currently receiving membership applications from Canadian diamond producers, jewellery manufacturers, wholesalers and retailers, allied service companies and public sector organisations, as well as from international diamond trading houses.
Photo caption: From left to right: Gregory Jacobson, Vice Chairman of the Board; David Lindsay, Deputy Minister of Ontario Northern Development and Mines; Preeti Saran, Canada's Consul General for India; and Bhushan Vora, Chairman of the Board.