Schnitzer reelected WFDB president, New Members Admitted

Incumbent President of the World Federation of Diamond Bourses, Shmuel Schnitzer, was unanimously re-elected for another two-year term in office. At the opening session of the 31st World Congress at the Waldorf Astoria Hotel in New York City.

After deciding that the candidates to join the federation had met the requirements for membership, the general assembly unanimously accepted into its ranks the Shanghai Diamond Exchange, the first WFDB-affiliated bourse in mainland China, and the Dubai Diamond Exchange, the first WFDB-affiliated bourse in the Arab world.

The congress, which is held once every two years, serves as forum of the general assembly of the WFDB and the International Diamond Manufacturers Association.

Schnitzer noted the difficulties experienced by smaller and medium sized dealers in his report to the WFDB General Assembly. “The clearest achievement we attained in these talks is the DTC’s promise to continue to support the secondary market, through Diamdel,” he said.

“The leaders of the DTC—Gary Ralfe and Gareth Penny—ensured us that they will continue to supply rough in 2003 and 2004 in the amount of up to $500 million through Diamdel. We are pleased to note that in 2003, supply exceeded this amount, and after the 10th sight of 2004, this will once gain be repeated this year.

“The subject of Supplier of Choice is critical to us,” Schnitzer continued. “Many of us are not Sightholders, and therefore require supply from the secondary market. Therefore I view the DTC commitment as a significant achievement. And this is not simply a matter of words; it is expressed in action.”

The general assembly unanimously accepted two new members into its ranks, after it was decided that the candidates had met the requirements for federation membership. They are the Shanghai Diamond Exchange, which will become the first WFDB-affiliated bourse in mainland China, and the Dubai Diamond Exchange, which will become the first WFDB-affiliated bourse in the Arab world.

Most of the WFDB previous executive committee returned to office. Ernest Blom, president of the Diamond Club of South Africa, who was re-elected vice president; Michael H. Vaughan of the Antwerpsche Diamantkring, who was re-elected secretary-general; Dieter Hahn of the Diamant und Edelsteinboerse Idar-Oberstein, who re-elected treasurer-general; Jacob Banda, the president of the Diamond Dealers Club; Julien Drijbooms, the president of the Vrije Diamanthandel; Freddy Hager, the president of the London Diamond Bourse and Club; Lawrence Ma, the chairman of the Diamond Federation of Hong Kong, and Sergey Oulin, the chairman of the Diamond Chamber of Russia.

Joining the executive committee for the first time was Anoop Mehta, the president of the Bharat Diamond Bourse in Mumbai, India. Hager was reappointed WFDB deputy treasurer-general, and Rony Unterman was appointed deputy secretary general.

The congress commenced with a ceremonial session of the WFDB and IDMA, which opened with a parade through the hall by the pipe and drum band of the New York Police Department, and concluded with a rousing performance by the Harlem Boys Choir.