If a dealer is a member of any one bourse in the world federation, he is automatically admitted to the trading floor of all of member bourses. Most diamond dealers frequently transact in foreign bourses. It would be wasteful for dealers to have to learn the trade rules of different bourses and be concerned with the technicalities of concluding legally enforceble agreements in different countries, particularly when many of these countries do not have well functioning judiciaries.

Lisa Bernestein, Opting out of the Legal Sys…, loc. 247