First HRD Board Elections in Early May

The Diamond High Council (HRD), the umbrella organization of Belgium’s diamond industry, is taking its first steps in implementing the recently approved restructuring plan. On May 3 and 4, the organization will hold elections for the six representatives of the diamond dealers who will comprise half of the HRD's board of directors.

The six elected board members will represent the local industry diamond dealers. There will be two representatives for each of the three designated business sizes: those with an average yearly turnover of more than 100 million euros; medium-sized diamond dealers averaging 30 to 100 million euros annually: and dealers with an average yearly turnover of less than 30 million euros.

Three other board members, representing Antwerp’s diamond bourses, will be appointed by the bourses. A further two board members, representing the manufacturers (commonly referred to as Industry) will also be appointed directly by the member organizations.

A twelfth board member will be appointed by the other 11 board members.

All diamond dealers registered with the Federal Government Services, Economy, nearly 1,800 in total, are eligible to vote for the category to which they belong and may vote for two candidates. Any of the 1,800 may add their name a as candidate. The list of candidates closes Thursday, April 20, 2006 at 12 noon.

“The request for direct involvement of the diamond dealers grew stronger during the last year. The direct nomination should lead to a more representative board of directors,” said Philip Claes, director corporate affairs and newly appointed spokesman of the HRD.

The new board of directors is expected to be in place by mid-May. Meanwhile, the HRD, and the task force assigned to draft the restructuring of the organization, is preparing the second phase of the restructuring, which should lead to a new legal structure.