The World Federation of Diamond Bourses announced that it will not let the South Korean bourse join the worldwide group because the organization failed to pay its dues.
The request of the Diamond Bourse of South Korea to become the WFDB’s 29th member was discussed and approved in principle at the 33rd World Diamond Congress held in Moscow in 2010. However, the bourse never paid the fee, according to the WFDB.
“We have time and again asked the DBK to make payment, but our calls went unanswered,” said World Federation president Avi Paz in a statement. “Full payment of the entrance fee to the WFDB is a pre-condition for membership of a candidate bourse to take effect. The DBK never took that last step, and therefore, the request for membership has been denied.”