TORONTO, February 14, 2010 - The Diamond Bourse of Canada, the first diamond exchange in Canada, held its grand opening at the Ontario Bar Association Conference Centre in Toronto on January 27.
“It’s only logical for Canada to establish a full-fledged bourse,” said Avi Paz, president of the World Federation of Diamond Bourses (WFDB), according to the WFDB’s website.
“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,” Paz said.
According to its founders, the Diamond Bourse of Canada will provide a safe and secure venue for diamond dealers to meet to buy and sell rough and polished diamonds.
It offers its members increased efficiencies, cost savings and greater convenience via on-site and on-line access.
A code of conduct, to which all members will have to adhere, has been implemented.
The first chairman of the bourse, Bhushan Vora, said the new diamond exchange was a long time coming.
“This was one element the industry was missing,” the WFDB quoted him as saying.
Mr. Vora said the Ontario government took the lead on the bourse project and matched the $140,000 in funds raised to help create the bourse.
He noted the bourse will be self-financed through its $1,500 annual membership fees, as well as commissions on activities such as tenders.
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 WFDB said.