India to head HRD and create History

India is all set to make its sparkle felt even more then before in the World Diamond Industry. The possibility of India creating History is more then evident with the next president of the Antwerp-based Diamond High Council, Hoge Voor Diamant (HRD) � the world�s apex body in diamond trade � could be an Indian. The HRD confirmed the election of five Indians to its 11-member board on Monday May 8, 2006. Kaushik Mehta (Eurostar Diamond Traders) and Nishit Parikh (Diarough), both sightholders of De Beers, are now on the board, along with Mehul Kothari (Sushang Exporters ), Nilang Mehta (Genesis Diamonds) and Mukund Joshi (Belindiam).

The new board will meet on May 11 to designate a replacement for former president Peter Meeus, who resigned in January �06. It will also select the managing director and a 12th independent director. Sources in the Antwerp diamond industry confided that with a significant presence on the board, the chances of an Indian taking over as the chief of the body are very high. �If not president, the MD will be an Indian,� a big Antwerp-based diamond trader said.

Besides marking the supremacy of Indians in the world diamond trade, the development means a lot for the Rs 70,000-crore-plus Indian diamond industry, as most of the Belgium-based experts have operations back home. Indian members seen more receptive to problems faced by local diamond traders in the world market Procedural hassles will be eased.