The South Korean Diamond Exchange (SKDE) has been accepted unanimously as a member of the World Federation of Diamond Bourses (WFDB).

The exchange submitted its application to join the WFDB during the Presidents’ Conference which took place last year.

Jae Kim told the HaYahalom magazine and the Israel Diamond Industry Portal that there are four diamond jewelry companies in the exchange. Within a year, the founders plan to enlist 50-100 new members in the exchange.

At the moment the exchange founders are acting to establish a new, secure, diamond and jewelry center in downtown Seoul, to replace the old center which does not live up to the standards required for trading stones and precious metals.

Jae Kim also said that the taxes in South Korea are too high – a 10% tax on the rough and polished diamond trade and 1% on rough imports – which is why the black market is flourishing.

The founding members of the SKDE are working to establish a free diamond trading zone.