Mehul Shah, vice president of Bharat Diamond Bourse (BDB), has been elected president of the World Federation of Diamond Bourses (WFDB), following a vote held during the 41st World Diamond Congress in Singapore.
The election took place on July 12, with leaders from 21 diamond bourses participating in the vote. Shah was elected in the first round from a field of three candidates.
Luigi Cosma, president of Borsa Diamanti d’Italia, and Philippe Barsamian of Antwerp were elected as vice presidents. The 41st World Diamond Congress was held in Singapore from July 12 to 15, bringing together representatives from across the international diamond trade.
Shah succeeds Yoram Dvash, who served as WFDB president for two terms. Shah has previously held positions within the federation, including treasurer-general, and has been involved in international diamond trade organisations.
India Represented in WFDB Leadership
Shah’s appointment places an Indian diamond industry representative at the head of the WFDB, which represents diamond bourses and affiliated members in major trading centres.
The WFDB provides a forum for diamond bourses to discuss trade-related issues and matters affecting the wider industry. Its leadership also represents the interests of member bourses in international industry discussions.
The Singapore Congress took place as the diamond industry continues to address changes in market conditions, consumer demand and the relationship between natural and laboratory-grown diamonds. Discussions at the Congress covered areas including market trends, trade regulations, ethical sourcing, financing and technology.
Shah said his election reflected India’s representation in the international trade and thanked delegates and industry figures who supported his appointment.
“This is a Victory for India. I am humbled by this appointment and proud to have represented India, as Bharat Diamond Bourse and The Gem & Jewellery Export Promotion Council on the international stage.” “My sincere thanks also to BDB President Mr Anoop Mehta and Mr Saunak Parikh, Vice Chairman, GJEPC, who guided me and were always there providing support at Singapore,” he added.
Focus on Market Challenges
Shah linked his new role to his 46 years of involvement in the natural diamond industry. His term begins as the sector continues to face changes in demand, pricing and the competitive position of natural and laboratory-grown diamonds.
“As the delegates to the Congress deliberate over the way forward in a challenging global market, I am confident that the discussions in Singapore will lead to meaningful outcomes. The new leadership team at WFDB is committed to taking forward the vision of the Congress and building a stronger future for the industry.”
For diamond manufacturers, traders and jewellery businesses, the WFDB’s activities are relevant to issues including international trade, market conditions and cooperation between diamond centres. Shah’s election places an Indian representative in a leadership position within the organisation as the industry addresses these issues.
