David Troostwyk, Vice President of the London Diamond Bourse, this week called on the presidents of the world’s diamond bourses to elect Ahmed Bin Sulayem as the next President of the World Federation of Diamond Bourses (WFDB) when the trade gathers for the 41st World Diamond Congress in Singapore from July 12–15. Troostwyk, who is standing for Vice President on the same slate, said the decisions made at this Congress will shape the direction of the nearly 80-year-old organization for years to come.

Held once every three years, the Congress brings together the federation’s 24 member bourses, and this year’s gathering includes the election of a new leadership team. Current President Yoram Dvash and the Executive Council are stepping down after completing two terms spanning six years—a period marked by the COVID-19 pandemic, the rapid rise of lab-grown diamonds, conflict in the Middle East, new U.S. tariffs, and the sale of De Beers. Troostwyk credited the outgoing leadership with helping stabilize the industry, strengthening support for the Natural Diamond Council, and welcoming Botswana and Angola as affiliate members.

Troostwyk said the federation was originally established after the Second World War to create a trusted international framework for the diamond trade. Its mission was to establish common trading standards for rough and polished diamonds, promote ethical business practices, resolve disputes, and represent the industry with one unified voice.

The foundation of that system, he noted, has always been trust. Members of affiliated bourses could confidently trade with one another knowing they all operated under the same code of conduct. Violations carried significant consequences, including expulsion from a local bourse and exclusion from the federation’s worldwide trading network.

That framework also helped create the World Diamond Council in 2000, which played a leading role in developing the Kimberley Process to combat conflict diamonds. Working alongside the International Diamond Manufacturers Association, the federation also helped establish internationally recognized grading terminology while enforcing ethical standards and disclosure rules for synthetic diamonds.

Although manufacturing has shifted toward Asia and digital trading has reduced reliance on traditional trading floors, Troostwyk argued that the need for a trusted international network has only grown stronger as governments increase compliance, sanctions, sourcing, and traceability requirements.

His preferred candidate is Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of the Dubai Multi Commodities Centre (DMCC) and Chairman of the Dubai Diamond Exchange.

Over the past two decades, Bin Sulayem has transformed Dubai into one of the world’s leading diamond trading hubs. According to the campaign statement, DMCC has expanded from just 28 member companies in 2003 to more than 26,000 businesses representing 180 countries, employing over 90,000 people, including approximately 1,400 companies involved in precious stones. Today, the Dubai Diamond Exchange ranks among the largest diamond exchanges globally.

Bin Sulayem is also widely recognized for his leadership in global diamond governance. He has chaired the Kimberley Process three times, most recently serving as its Custodian Chair in 2025, where he championed blockchain-based digital certification and supported the establishment of a permanent Kimberley Process Secretariat in Botswana.

Troostwyk said Bin Sulayem’s relationships with African producer nations, Indian manufacturing centers, retailers across Asia, the Gulf, Europe, and North America, together with his experience working alongside governments and civil society, uniquely position him to lead the federation through an increasingly complex regulatory environment.

The proposed leadership slate includes Bin Sulayem as President, Troostwyk as Vice President, and Molefi Letsiki as Treasurer.

Troostwyk built his career without a family diamond business, founding the advisory firm Salotro and digital trading platform CiviGem while helping modernize the London Diamond Bourse during his presidency through expanded education programs and diversified revenue initiatives.

Letsiki, the son of a diamond polisher, is Founder and Director of Molefi Letsiki Diamonds, described in the campaign statement as the world’s first majority Black-owned De Beers Sightholder. He also serves as President of the Diamond, Gem and Jewellery Association of Southern Africa, is a member of the WFDB Executive Council, and serves as a World Diamond Council Ambassador. His election would further strengthen representation for African producing nations following the federation’s expanded relationship with Botswana and Angola.

All three candidates have also been involved with the Young Diamantaires, a next-generation industry organization originally launched as a WFDB initiative by Executive Council member Rami Baron before becoming an independent non-profit. The organization has organized educational visits to diamond mines, industry tours in Surat, and helped build a science laboratory for a school in an African mining community. Troostwyk described the group’s development as an example of the federation investing in the industry’s future leadership.

The business challenges facing the industry remain significant. Growing competition from lab-grown diamonds, softer global demand, and increasingly strict regulations governing Russian-origin goods continue to pressure prices, margins, and employment throughout the mining, manufacturing, and retail sectors.

Troostwyk argued that a modernized federation committed to promoting the value of natural diamonds will be essential to protecting the industry and the businesses that depend on it. The final decision now rests with the presidents of each member bourse gathering in Singapore.

The 41st World Diamond Congress will be held alongside the Singapore International Jewelry Expo, featuring discussions on African supply, Asian demand, geopolitics, and the next generation of industry leadership.

JBizNews Desk | New York
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