Avi Paz, president of the Israel Diamond Exchange (IDI), has been unanimously re-elected president of the World Federation of Diamond Bourses (WFDB).
Paz, owner and CEO of Avi Paz Group, was first elected president of the WFDB in 2008. Paz has also served as president of the IDI since 2005.
The WFDB, an international federation of diamond dealers, is the world’s leading organization in promoting international diamond trade. The WFDB represents the diamond industry in its international dealings with governments, banks, diamond-producing nations, and all bodies in the diamond production chain. The organization is charged with protecting the interests of the world’s diamond bourses and their 15,000 members, including establishing new bourses, facilitating cooperation, and arbitrating disputes.
WFDB members are committed to preserving the traditions and principles of the diamond trade and ensure that its member bourses do the same.
Speaking at the World Federation of Diamond Bourses Congress shortly after his re-election, Paz spoke warmly of the diamond traders’ responsible, stabile, and mature behavior in difficult times.
Nevertheless, he added, diamond dealers should exercise caution in order to weather what lies ahead successfully.
“We have learned many lessons throughout the past 18 months and we should be very careful not to forget these lessons as they are the foundations of our recovery and future. As President Obama said, and I quote – ‘we shouldn’t waste such a big downturn.’Even though we all experience signs of recovery in the past few months, the aftershocks of the downturn are still here. Therefore,we have to continue being very alert and very cautious.”
Paz concluded his speech by saying that “Just as we proved in the past 18 months that we can overcome even the most difficult situations I believe that together we can turn all the challenges that are ahead of us into opportunities.”