Mumbai: Mehul Shah, Vice President of Bharat Diamond Bourse (BDB) and newly elected President of World Federation of Diamond Bourses (WFDB) said that he and the WFDB committee led by him will focus on reaffirming the industry’s collective commitment to strengthening consumer confidence, and reinforcing the enduring value of natural diamonds.
“We will focus on implementing the shared global vision that emerged at the recent Singapore Diamond Congress after three days of insightful deliberations and strategic dialogue,” Shah said. He added that the WFDB would also strive for industry-wide collaboration to achieve this aim, working closely with other global and country-specific trade organisations on greater transparency, traceability and other measures to build consumer-confidence.
First Indian to lead Global Body:
One of the key outcomes of the Congress was the election of Mehul Shah as WFDB President. This is the first time that an Indian has been elected to this highest WFDB post, and will play such an important leadership role in the global diamond industry.
WFDB is the apex body of diamond bourses across the globe with 28 bourses and 6 affiliates as members, including miners, diamond exchanges, and other associated bodies. Established in 1947 in Antwerp, WFDB is responsible for addressing opportunities and challenges faced by member bourses, fostering growth of the industry, organizing industry-relevant programs, and solving challenges for every bourse member.
A veteran diamantaire with over 46 years of industry experience, Mehul Shah joined the Bharat Diamond Bourse board in 2001 and later became the Vice President in 2009. As a member of the BDB’s Board of Directors, he stressed the importance of international interaction, and along with BDB President Mr. Anoop Mehta, first represented the country at the WFDB Congress in 2002. Since then, he has attended all Congresses and in 2016, was elected as the Treasurer General of the global body.
The Spirit of ‘Vasudhaiv Kutumbkam’:
Explaining the significance of his appointment, Mehul Shah said, “I am humbled by this appointment, but believe it is a timely recognition of the key role that India plays in the diamond industry.”
He specifically acknowledged the support of Anoop Mehta, President, BDB and Shaunak Parikh, Vice-Chairman, GJEPC in his elevation to the post. “It is appropriate that the largest manufacturing centre of the industry has come forward to shoulder leadership responsibilities, and remain at the forefront in evolving the perspectives and action plans needed for the next phase of development,” he stated.
We will be guided by the Indian philosophy of Vasudev Kutumbkam and encourage mutually beneficial interaction with all other centres across the pipeline.
Future Vision:
Mehul Shah also emphasized that the committee will work unitedly with all other stakeholders across the pipeline to promote natural diamonds, increase their desirability and strengthen consumer confidence. For this purpose, it will streamline systems, boost transparency, and integrate storytelling into its narrative while utilizing all emerging technological innovations.
He also plans to expand and strengthen the WFDB network by bringing more mining countries and other trade entities into the organisation. The aim is to take WFDB’s strength to at least 50 full and affiliate members. The process began with the induction of Qatar Diamond Exchange QFZ LLC as a member at the Congress, and with Israel Diamond Exchange and New Israel Club for Commerce being inducted back into the WFDB family. Republic of Angola and Republic of Botswana were added earlier as Nation Affiliate Members.
WFDB will work together to ensure that every member bourse enjoys the support of the entire chain to help them overcome any challenges they may face so all can contribute collectively to the common benefit, Shah said.
We will also aim to involve the next generation diamantaires in WFDB and expose them to the administrative and operational processes within the organisation, he explained. They will bring in fresh perspectives and help us define a brighter future for all. Mehul Shah stressed that all this will be possible since the WFDB will be led by a strong team that includes Luigi Cosma, President of Borsa Diamanti d’Italia, and Philippe Barsamian, Vice President of the Diamant Club van Antwerp, both as Vice Presidents, Rony Unterman, Director Diamant Club van Antwerpen as Secretary General, and Molefi Letsiki, President of the Diamond Dealers of South Africa, as Treasurer General.
