Mehul Shah, Vice President of Bharat Diamond Bourse, elected President of WFDB as Natural Diamond Industry Unites Behind a Shared Global Vision
WFDB is the apex body of diamond bourses across the globe. WFDB has 28 Diamond Bourses and 6 affiliated members, which include miners, diamond exchanges, and affiliates. This makes the total 34. Established in 1947 in Antwerp, WFDB is responsible for addressing opportunities and challenges faced by member bourses. Fostering the growth of diamonds, organizing programs for the diamond industry, and solving challenges for every bourse member are some of its key functions.
The 41st World Diamond Congress concluded successfully in Singapore after three days of insightful deliberations, strategic dialogue and industry-wide collaboration, bringing together the global natural diamond fraternity under one roof for the first time in eight years. Organised jointly by the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), the Congress reaffirmed the industry’s collective commitment to strengthening consumer confidence, enhancing transparency, advancing traceability and reinforcing the enduring value of natural diamonds. The last WFDB & IDMA joint congress was in 2018 when BDB in Mumbai hosted the World Diamond Congress.
Mehul Shah Elected President of WFDB: A defining moment of the Congress was the election of Mehul Shah, Vice President of Bharat Diamond Bourse, who was elected President of the World Federation of Diamond Bourses. During the General Assembly, Mehul Shah was elected President of the WFDB. A veteran diamantaire with over 46 years of industry experience and first represented WFDB meeting in 2002. Since then, he attended all meetings and in 2016 became Treasurer General of the WFDB. Mr Shah is the first Indian to achieve the position of Treasurer General and, finally, the president of WFDB.
Mehul Shah joined the Bharat Diamond Bourse board in 2001 and later became the Vice President in 2009. Since the diamond business is international, soon after becoming a BDB board of director, Mr Shah decided to take BDB to an international level. Thus, India’s first representation at WFDB was attended by Mr Mehul Shah and BDB President Anoop Mehta in 2002 with an application for membership and a permanent seat in the Executive Committee of WFDB and to except our corporate memberships at WDC in London. (in those days bourses had only individual members)
“We wanted to be members on our terms, said Mr Mehul Shah, adding, Mr Smuel Sniczer, then President of WFDB, understood the power of India, and finally we were accepted members in 2006 World Diamond Congress, Tel Aviv, and all our terms were accepted; WFDB bylaws were amended. I have attended all WFDB meetings thereafter. That moment marked the beginning of a long and meaningful relationship with WFDB. Thereafter, in 2016, I became Treasurer General of WFDB.” This is the very first time in the history of WFDB that an Indian is leading the federation.
Recalling history, Mr Shah added, somewhere in 2020, I had to face a defamation suit in a Belgian court for 100 million euros for raising my voice against the then president of WFDB. He did not honored the financial commitments and an arbitration order. Truth prevailed, and the complainant lost the case.
Thanking the Diamond community and the members of BDB and GJEPC and its board of directors, Mr Shah said that this is India’s win. In his closing remarks, Mr. Shah thanked, Mr Shaunak Parikh, Vice Chairman, Gem & Jewellery Export Promotion Council, and Mr Anoop Mehta, President Bharat Diamond Bourse, for all the support and encouragement and for standing behind at WDC in SINGAPORE.
On his vision for WFDB, he added, “Bringing in the next generation and exposing them to the administrative and operational processes within WFDB will help us look at a brighter future. This will be one of my endeavours. Secondly, there are several economies whom we would want to invite and include within WFDB, and this is important and will be my effort. I have a very strong, experienced and intelligent team and I am sure we will succeed in meeting our commitments in further strengthening WFDB.” Mr. Shah’s vision to reach 50 members and affiliate members for WFDB began during the congress on the induction of Qatar Diamond Exchange QFZ LLC as a member of WFDB, as Israel Diamond Exchange and New Israel Club for Commerce have been inducted back into the WFDB family. Republic of Angola and Republic of Botswana were added earlier as Nation Affiliate Members.
With Luigi Cosma, President of Borsa Diamanti d’Italia, as Vice President of WFDB, Philippe Barsamian, Vice President of the Diamant Club van Antwerp, as Vice President of WFDB, Mr Rony Unterman from Director Diamant Club van Antwerpen as Secretary General of WFDB, and Mr Molefi Letsiki, President of the Diamond Dealers of South Africa, as Treasurer General, we make a good team.
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