US, July 16 -- Bharat Diamond Bourse (BDB) vice president Mehul Shah will take over as president of the World Federation of Diamond Bourses (WFDB) following a contested election, according to reports.

Shah will succeed Yoram Dvash, former head of the Israel Diamond Exchange (IDE), who is standing down after completing the maximum two three-year terms, reports said.

Other participants in the race were Ahmed Bin Sulayem, chairman of the Dubai Diamond Exchange (DDE), and Lin Qiang, president of the Shanghai Diamond Exchange (SDE).

The election took place during the World Diamond Congress in Singapore, according to a BDB statement.

"As the delegates to the congress deliberate over the way forward in a challenging global market, I am con...