Mehul Shah Wins WFDB Presidential Bid

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.

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 on Monday during the World Diamond Congress in Singapore, the BDB said Monday.

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.

Meanwhile, 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.

The new leader’s election is “an important milestone for the Indian industry,” the BDB said, explaining that it opens a new chapter for the country to play a key role in taking the global diamond industry forward.

“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,” said Shah. “The new leadership team at WFDB is committed to taking forward the vision of the Congress and building a stronger future for the industry.”

Image: Melul Shah. (Bharat Diamond Bourse)