Newsletter

 

 

In a major milestone for the Indian diamond industry, Mehul Shah, Vice President of the Bharat Diamond Bourse, was recently elected as the new President of the World Federation of Diamond Bourses (WFDB). The election took place during the 41st World Diamond Congress in Singapore this month; where leaders from over 20 global diamond bourses cast their votes.

 

Shah, who brings over four decades of natural diamond experience to the position, will succeed former Israel Diamond Exchange president Yoram Dvash. Joining Shah in the WFDB's new leadership team are Mr. Philippe Barsamian and Luigi Cosma, elected as Vice Presidents, and Molefi Letsiki, taking on the role of Treasurer General. Shah's appointment underscores India's expanding influence in the global trade as the organization looks to navigate a challenging and shifting diamond market.

 

The Executive Committee Members are:

Mr. Ahmed Bin Sulayem, Mr. Fabio Cascapera, Mr. Shlomo Eshed, Mr. Michio Iwasaki, Mr. Elliot Krischer, Mr. Benno Leeser, Mr. Lawrence Ma, Mr. Anoop Mehta, Mr. Lin Qiang.

Deputy Secretary-General - Mr. William Vercammen

Deputy Treasurer - Mr. Raphael Adler

Elle Hill is a highly regarded veteran of the global diamond, gemstone, and jewelry industry, boasting nearly 30 years of hands-on commercial experience. As the Founder and CEO of Hill & Co., a premier business management consulting firm specializing in growth strategies for the jewelry trade, she is a frequent and sought-after speaker at major industry events such as JCK, AGTA Tucson, and international jewelry shows. She is well-known for sharing her expertise on digital transformation, marketing, and business strategy and gave an insightful presentation to our members.

For a century, De Beers held an iron grip on the diamond trade, defining luxury and romance for generations. Now, the iconic gemstone titan is facing a profound reality check.

 

Anglo American, the parent company of De Beers, has officially selected a frontrunner to acquire the struggling diamond giant: the Global Diamond Consortium. Led by former De Beers CEO Gareth Penny, the group is stepping back into the ring during what may be the toughest market the natural diamond industry has faced in decades.

Just how tough? This month, De Beers announced it is completely halting production at Venetia, South Africa's largest diamond mine, for at least two years to reduce operating costs.

 

This dramatic pause is a direct response to a staggering decline in natural diamond prices. Squeezed by a cooling luxury market in China and fierce competition from lab-grown alternatives—which are significantly cheaper to produce and purchase—the traditional diamond market has fractured. The downturn was so severe that Anglo American wrote down the value of De Beers by $2.3 billion in 2025.

 

The impending sale, targeted to close in late 2026, is as much a geopolitical reshuffling as it is a corporate handover. Botswana, which produces 70% of De Beers' diamonds and already holds a 15% stake in the company, retains a powerful right of first refusal and is strategically negotiating its future alongside Angola and Namibia.

As Penny's consortium races to finalize the deal, one thing is abundantly clear: the days of artificial scarcity are over. De Beers will need much more than a legendary slogan to regain its sparkle.

Diamonds tell stories that last a lifetime. Click to watch WFDB’s Instagram video and see their latest perspective on the enduring power of natural diamonds.