The newly formed South Korean Diamond Exchange (SKDE) has officially submitted an application for membership of the World Federation of Diamond Bourses (WFDB) according to WFDB Secretary General Michael Vaughan.

SKDE President Jae Kim said that the new organization is currently in the process of developing a secure, state-of-the-art bourse facility in Gyeongju Gyeongbuk. The structure will include a trading floor for rough and polished diamonds, and the building will have training facilities for cutting works and a gemology school. The bourse is also working on securing tender stock.

Currently, the bourse has three corporate members and is anticipating approximately 30 new members.

The opening of the South Korean Diamond Exchange comes in response to the growing need to provide a secure place for trading diamonds in the growing local market. Individuals dealing in diamonds in South Korea are subject to the requirements of the Diamond Act of South Korea, which regulates the conduct of persons permitted to deal in rough diamonds, polished diamonds and jewelry containing diamonds and precious stones.