The WFDB is a federation of diamond bourses, in which the individual bourses maintain their autonomy in all internal matters. At the same time, the bourses agree that decisions made at the local level will comply with a general and dynamic legal framework, ratified by the WFDB General Assembly, acting in its capacity as the supreme legislative organ of the federation.
A bourse whose members deal in diamonds, precious stones or jewellery is entitled to apply for membership of the WFDB provided they have been established for at least one full year under a written constitution, have a clearly designated and representative governing body, and are able to prove their means of subsistence.
The WFDB General Assembly is required to meet every two years at World Diamond Congresses—although on occasion, due to special circumstances a three-year hiatus has occurred. In those years that the WFDB general assembly does not meet, the various bourses’ leadership assemble as a single location for high-level discussions, at what today is known as the President's Meeting.
Only the General Assembly is entitled to amend the WFDB By-Laws and/or Inner Rules, to decide upon the admission of new delegates, to elect the executive officers of the WFDB, to nominate honorary officers of the WFDB, to decide upon the place where the next congress shall be held, and to determine the amount of the yearly contribution payable by each bourse. Each affiliated bourse is represented in the WFDB General Assembly by a maximum of three members. However, within the General Assembly, each affiliated bourse is entitled to one vote.
The Executive Officers of the WFDB are the President, Vice President, Secretary General and Treasurer. The President chairs the Executive Committee, which consists of the elected office holders and eight additional executive members, all of whom are ratified by the General Assembly. The Executive Committee always includes at least one member each from every one of the five major manufacturing and trading centres: Antwerp, Ramat Gan, New York, Mumbai and Johannesburg. No country may have more than two seats on the Executive Committee. The President and the Vice-President shall not be elected for more than three consecutive terms of office.
The seat of the World Federation of Diamond Bourses is in Antwerp, and it is there that is located the Office of the WFDB Secretary General. The office manages the daily administration of the WFDB.