Mehul N. Shah, who was elected in July as President of the World Federation of Diamond Bourses at the 41st World Diamond Congress in Singapore, is one of India's best-known diamantaires and a prominent leader in the international diamond industry. Previously, he served as WFDB Treasurer General.
He has been active in the diamond trade since 1980 and has more than four decades of experience in the natural diamond and jewellery business. He has played an influential role in shaping India's position as the world's leading diamond manufacturing and trading centre.
He serves as Vice President of the Bharat Diamond Bourse (BDB) in Mumbai, one of the world's largest diamond trading complexes, where he has been involved in its leadership since the early 2000s and has served as vice president since 2010. The BDB is home to thousands of diamond companies and is a cornerstone of India's diamond industry.
Shah is the Chairman of the Star Brillant Group, a Mumbai-based diamond and jewellery manufacturing and export company. Under his leadership, the group has expanded its international presence while also operating in the domestic jewellery retail market through the Sakshi jewellery brand.
Beyond his commercial activities, Shah has held numerous industry leadership positions. He serves on the boards of Diamond India Limited and the India Diamond Trading Centre (IDTC), a joint initiative between the Bharat Diamond Bourse and India's Gem & Jewellery Export Promotion Council (GJEPC). He has also served as Chairman of SEEPZ Special Economic Zone (SEEPZ-SEZ) in Mumbai, one of India's most important export hubs for gems and jewellery.
Throughout his career, Mehul Shah has been a strong advocate for the natural diamond industry, promoting transparency, ethical business practices, international cooperation, and closer collaboration between diamond-producing countries, manufacturers, traders and retailers. He has frequently spoken about the importance of preserving consumer confidence in natural diamonds while embracing technological advances that improve traceability and grading.
His leadership style is widely regarded as collaborative and consensus-driven, reflecting his belief that the future of the diamond industry depends on greater unity across the global supply chain, particularly at a time when the sector faces challenges from changing consumer preferences and competition from laboratory-grown diamonds.
We asked Mr Shah to give our readers his special insights into the work of the WFDB and what distinct qualities he will bring to the leadership of the global diamond industry body which will next year celebrate the 80th anniversary of its founding.
Could you explain to us what it was about your candidacy that persuaded members to elect you as president of the WFDB?
Well, I would say that people like and trust me. I have been in public service in the diamond industry for the past 26 years and I am very well known. The other candidates are excellent, and I am delighted to have been elected as WFDB President.
What special skills will you bring to the post?
I work for the people and the diamond industry. In addition to that, when I say something I mean it and carry it out. I am a very straight and honest person, but I also know how to be tough. You have to tell the truth at all times, and people know that I am exactly like that.
Will you be encouraging the younger diamantaires or do you think experience is the most important thing in bringing about change?
When someone joins the diamond business, they have to go step by step to the top. It is clear that you cannot go straight to the top. Leadership is not about talent and education only, it is also about your personal one-on-one ability to make and maintain personal contacts. Universities cannot teach experience, leadership and how to show the correct respect, and neither can AI. They must learn how to climb the ladder.
I have been Treasurer General of the WFDB for many years and when I became President I had to decide who was the best person to take over. I knew I had to appoint someone who is capable and efficient but who will also learn from experience as he rises to the top which is why I appointed Molefi Letsiki.
How can the WFDB return to its former paramount position as the leader of the world’s diamond business?
The WFDB is still a very important organisation but for the past 10 years it has been fading somewhat. In my speech to the WFDB members at the Singapore conference, I said there are about 30 member organisations and I want to make it 50.
Everyone who is involved in the diamond business has to be with us in the WFDB. My programme is for members from all across the diamond chain from mines to market to be part of the WFDB. The whole link in the chain must be strong. I study and talk to all the bourses and solve the diamond pipeline. Even if somebody is not a member, I will help him.
Other organisations will come to us if they see that it is worth it for them. I always listen to their problems and am willing to guide them. If the retail sector is strong then all other members of the pipeline are strong. Everybody must be seen equally and treated with respect.
Why has the WFDB seemed to lose its way in recent years?
When I attended my first WFDB congress in 2002 I saw a lot of glory with all the major players there, from miners to retailers. They were wonderful days with a large number of people coming to the congresses.
We lost a lot of members over the years. There are some bourses that don’t exist anymore. When someone is missing from the organisation, we need to give some extra support. We need to create equal brothers to help each other. This is how a bourse runs and when they grow they will also grow and help others. If my center is strong and others are weak, that is not the way. People know that I am known for this.
It seems that the global diamond industry is becoming increasingly fractured at a time when community is needed so much. What is your view on this?
In my speech to the Congress in July, one of my major points was that we should all come together to help each other. Whether it is to work with government or other industry bodies, miners or exhibition firms you have to work together to build a strong force. You must have help and guidance from others whether it is in the US , Europe, China or wherever. Everyone has their own experience and we must all work for the diamond industry as a whole not just for one body.
Have other industry bodies become more relevant than the WFDB as industry organizations?
I do not believe that this is the correct path to go on. We should all focus on our own jobs and others should do the same.
The WFDB used to fight lab-grown diamonds saying they were just a cheap alternative. What is its position now?
There is no comparison and no competition between lab grown diamonds and natural diamonds. I believe that LGDs are a threat to Swarovski and that end of the market and not at all a threat to natural diamonds.
LGDS may be good for fashion jewelry. They are an addition to the jewelry market overall. For example, whoever buys LGD jewellery today will move to natural diamond jewellery in the future when they have more money available. So in the end, LGDs make money for all the market.
When people invest in their future with jewelry they will go for natural diamonds.
How would you characterize current conditions in the diamond market globally?
I see a good future. The worst is over, there have been multiple factors such as wars, but better times are coming. I believe that we will see in one year that prices of natural diamonds will rise. Always trust natural diamonds.
How would you characterize the state of the Indian diamond trade? What are the main challenges facing it?
India is doing well and growing. Jewellery is also going up in a big way. The Indian economy is growing by double digits and India will be the second biggest market after America in the future.
Abraham Dayan for Rough&Polished from Tel Aviv
