Antwerp, Belgium—The head of the World Federation of Diamond Bourses (WFDB) is calling on its 29 member bourses to avoid trading, directly or indirectly, in diamonds from Venezuela.

New York—A recent lawsuit alleging that the former owners of M. Fabrikant and Sons diverted finances to their affiliates before filing for Chapter 11 bankruptcy protection, has prompted Netherlands-based Royal Asscher Diamond Co. to issue a statement stating it has no ties to the bankrupt company or its still-operating affiliates.

On June 18 a U.S. district court ruling document cited “RA Cut LLC” as a named affiliate company through which M. Fabrikant and Sons and the Fortgang family diverted finances to before filing for Chapter 11 bankruptcy protection. In the document the business was referred to as the hereafter term “Royal Asscher.”

Total fabrication demand for platinum rose 0.8 percent to 7.06 million ounces in 2007 year-over-year, according to the Platinum Group Metals Yearbook. High platinum prices affected demand in some sectors, such as jewelry and electronics, but were offset by relatively inelastic demand in other sectors, in particular the automotive industry.