Diamond industry veteran Yoram Dvash was formally elected as president of the World Federation of Diamond Bourses (WFDB) for a three-year term during the first virtual World Diamond Congress (WDC).

Dvash, who’s also president of the Israel Diamond Exchange, has been serving as acting president of WFDB since April.

The WFDB official commented, “The industry has been suffering from a lack of profitability, a shortage of financing and reduced demand. It needs to transform to meet the demands of the 21st century. That means adopting the values of the day – transparency, sustainability and consumer confidence. It means working together with regulators to create rules and measures that benefit all.”

Dvash further remarked that the coronavirus pandemic “made 2020 a very, very challenging year,” but major markets are already seeing a recovery in demand. 

Lin Qiang, president of the Shanghai Diamond Exchange, and Moshe Salem, president of the Diamond Club West Coast in Los Angeles, were named vice presidents.

Capping the two-day event, Natural Diamond Council (NDC) CEO David Kellie revealed the council’s new advertising campaign, themed “For moments like no other.” Actress Ana de Armas is the face of the campaign, which highlights love, family and relationships.

The 39th WDC was held in a digital format from September 14 to 15 owing to the coronavirus pandemic. The biennial event was originally scheduled for November in Hong Kong.