New York: Bharat Diamond Bourse (BDB) vice president Mehul Shah will take over as president of the World Federation of Diamond Bourses (WFDB) following a contested election, according to reports.
Shah will succeed Yoram Dvash, former head of the Israel Diamond Exchange (IDE), who is standing down after completing the maximum two three-year terms, reports said.
Other participants in the race were Ahmed Bin Sulayem, chairman of the Dubai Diamond Exchange (DDE), and Lin Qiang, president of the Shanghai Diamond Exchange (SDE).
The election took place during the World Diamond Congress in Singapore, according to a BDB statement.
“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,” Shah said in a statement.
“The new leadership team at WFDB is committed to taking forward the vision of the Congress and building a stronger future for the industry,” he added.
Meanwhile, according to the reports, the federation elected Luigi Cosma, president of the Borsa Diamanti d’Italia, as vice president and Molefi Letsiki, chairman of the Diamond Dealers Club of South Africa, as treasurer.
