RIGHTS AND OBLIGATIONS OF AFFILIATES OF THE WORLD JEWELRY & DIAMOND HUB, PANAMA
The information below is for reference purposes only. For the complete and detailed conditions, rights and obligations of members please review the By-laws.
- To become an Affiliate, it is necessary to:
- Be an individual or company involved in the diamond, colored gemstone or jewelry industries.
- Have an unblemished reputation in the diamond, colored gemstone and jewelry trades.
- Complete the application process.
- The process of application includes the following:
- Submitting a completed application form.
- Providing the bourse’s Membership Committee with all the documentation requested in order to process the application.
- Candidates that are recommended by the Membership Committee will be accepted as affiliates following the approval by a majority of the Board of Directors.
- Applications for affiliation are posted at head office of the World Jewelry & Diamond Hub, Panama, for a period of 10 days prior the vote by the Board of Directors. During this period, bourse members may object in writing to the candidate’s admission as an affiliate.
- Affiliation is contingent upon completing a two-year probationary period, during which all rights and obligations are maintained.
- Applicants who are rejected by the Board of Directors may re-apply for affiliation six months after the date that the board voted to reject their application.
Affiliates of the World Jewelry & Diamond Hub, Panama, are entitled to:
- Represent themselves in their business dealings as affiliates of the World Jewelry & Diamond Hub, Panama.
- Access the trading floor of the World Jewelry & Diamond Hub, Panama, for the purpose of buying diamonds, colored gemstones and jewelry merchandise from bourse members.
Affiliates of the World Jewelry & Diamond Hub, Panama, are obliged to:
- Conduct their business dealings in diamonds, precious stones and related jewelry in accordance with the laws of the jurisdictions in which they operate, and in accordance proper and ethical standards of business.
- Comply with the Bylaws of the World Jewelry & Diamond Hub, Panama.
- Pay annual subscription and other financial commitments to the World Jewelry & Diamond Hub, Panama, as determined by the bourse’s Board of Directors. The rates will be listed in a current Fee Schedule, which will be made available by the bourse’s Secretary.
- Refrain from trading in, offering or promoting conflict diamonds.
- Conduct all transactions in accordance with Panamanian law.
- Provide notification in advance of accessing the trading floor.
- Notify to the bourse’s Secretary in writing of any changes in the legal or commercial status of the company affiliated to the World Jewelry & Diamond Hub, Panama, including any changes in the corporate structure or management.
- Any affiliate may resign his or her affiliation by sending a written notice to the bourse’s Secretary.
- The resignation will come into effect no less than 30 days after the date that the written notice of resignation was submitted to the bourse’s Secretary.
- Affiliates who have submitted notices of resignation shall be responsible for all obligations and duties of affiliates, including transactions and other matters that occurred prior to their resignation, including but not limited to arbitration decisions.