AWDC Elects New Board of Directors; Changes Election By-Laws

(IDEX Online News) – Six new members representing the trade were recently elected to the AWDC, the umbrella organization that represents the Antwerp diamond industry.

Following a recent change to the by-laws of the organization extending the mandate of the directors from two years to four, only the directors representing the trade were elected during the elections held on June 7-8.

According to the AWDC by-laws, the six directors representing the trade are elected through direct election, organized through a system that ensures equal representation for small, medium-sized and large diamond companies.

The six represent three turnover tiers. Kaushik Mehta and Ramesh Patel were elected as directors in the category of an annual turnover of more than €100 million ($125 million).

In the €30 million to €100 million ($37.5 million to $125 million) annual turnover category, Santosh Kedia and Javeri Shailesh were elected.

In the category of an annual turnover of less than €30 million ($37.5 million), Samir Mehta and Jacques Weisz were elected.

In addition, the AWDC implemented an alternating rotation system that will renew half of the board every two years in a bid to ensure continuity.

Philippe Barsamian, Freddy Inzlicht and Jacky Korn, who represent the diamond bourses; Stéphane Fischler, who represents the diamond manufacturers and independent director Koen Vandenbempt will remain in their positions until the next AWDC elections are held in June 2014.

The board will soon elect a new president as Nishit Parikh will be retiring after holding the post for two years.