The Antwerp World Diamond Centre (AWDC) board of directors
in June elected Stephane Fischer, a third-generation diamantaire, a partner in
Fischler Diamonds, his family’s business, and a founding member of the World
Diamond Council (WDC), as its new president. Fischler, who will serve for two
years, succeeds Nishit Parikh. The board appointed Kaushik Mehta and Philippe
Barsamian as the new
vice presidents and they also will serve two years.
POLITICAL FUTURE
In assessing his mandate for AWDC, the city’s umbrella
organization for promoting its diamond industry worldwide, Fischler said, “As
far as the next two years are concerned, I’d like our collective effort to be
focused on restoring the visibility of our leadership within the global diamond
industry. Indeed, I’d like to ensure that the Antwerp diamond mile gets back
its natural and historical position and influence. Let’s not forget that the
new board represents the world’s largest diamond trading center and that we
have responsibilities toward all our members, that is, the 1,800 companies
listed in Antwerp and beyond.
“Furthermore,” continued Fischler, “we must ensure a return
on the confidence and trust the members have placed in us. We will be guided by
the strategy deriving directly from the Antwerp Diamond Master Plan 2020, which
aims at getting back to the essence of our competitive advantages, as well as
reinforcing the link between the diamond industry and our city, our region and
our country. In other words, my goal will be to focus on and implement in a
structured and efficient manner the line of action that was approved and
already initiated by the previous board.”
STAGGERED ELECTIONS
The AWDC bylaws have recently been modified to provide that
board members are elected for four-year terms. Every other year, there will be
an election of half the board, alternating between the trade group
representatives and the industry and bourse representatives to provide a
“constructive continuity” for the organization. To assist with that transition
to staggered terms, this election filled only the six director spots
representing the trade. The other six board members had their terms extended to
the 2014 election.
AWDC Managing Director Ari Epstein explained, “The fact that
from now on, the board gets elected for four years brings more continuity to
the work of the organization and gets the jobs done in a more professional way.
Since every two years, only one portion of the board will be replaced, there
will be both a memory and a continuity with those who will keep their seats for
two additional years.”
Epstein noted the continuity that already is present with
the fact that Fischler, Mehta and Barsamian all have been performing functions on
the AWDC board and two of them are previous board members. “Under their
leadership, we should be in a good position to develop the dynamic initiated
under the previous presidency of Nishit Parikh,” said Epstein.
DEMOCRATIC SYSTEM
“I also would like to stress that I’m proud of the election
system we have in place currently, as it allows anyone in the diamond business
both to apply as a candidate and to vote for the representatives of their
choice,” Epstein continued. “It’s a very democratic system, and this is why so
many people in our industry are deeply involved in the process. Furthermore,
all company sizes are represented and the voices of the smaller companies
account for as much as those of the larger ones.” AWDC election bylaws provide
that two of the six board members will come from each of three different
groups, according to company size based on annual trade turnover.
“The least that can be said,” concluded Epstein, “is
that, all things considered, the endeavors launched under Parikh’s presidency
have generated a very positive feedback from within the industry, which has
apparently pushed many trade members to get mobilized and vote. Over the past
two years, the board has been working very seriously and, as a result, people
in the industry have begun to feel that it matters to be part of it, especially
when you know how committed the AWDC top management is.”
In addition to Fischler, the new AWDC board is as follows:
Mehta, Ramesh Patel,
Santosh Kedia, Javeri Shailesh, Samir Mehta and Jacques Weisz
as trade representatives, with Barsamian, Freddy Inzlicht and Jacky Korn held
over as bourse representatives and Koen Vadenbempt continuing as the
independent director. The twelfth seat on the board has not yet been filled.
INDIAN DELEGATION HOSTED
As part of the continuing efforts to increase Belgium-India
trade, the government of Flanders cohosted the 2012 Global India Business
Meeting in Antwerp on June 24 to 25. The invitation-only summit was attended by
approximately 300 top business and political leaders of the two countries. In
welcoming Anand Sharma, India’s minister of commerce, AWDC’s Epstein noted that
“already diamonds represent an impressive 80 percent of Belgium’s total exports
to India. At the rate India is growing, that figure can only go up.”
THE MARKETPLACE
Polished
- Demand for 1-caraters + is weakening. Either people buy
cheaper or they don’t buy. Even though a lot of goods were out of the country
at the Hong Kong show, people doubt that this is the reason for the general
depressed mood.
- Demand is down for all VVS goods, 10 per carat and below
in D-H, that are used by luxury brands because sales of those brands are down.
Prices have taken a serious nosedive of almost 15 percent.
Article from the Rapaport Magazine - July 2012. To subscribe click here.