WDC now restricts presidents to a single term
November 20, 2013
Tel Aviv--After being led by the same individual for more than a dozen years, the World Diamond Council (WDC), the organization created as the diamond industry’s voice on the issue of conflict diamonds, has established a term limit for its president.
Under new bylaws adopted earlier this month, the WDC president is limited to a single two-year term, and is automatically succeeded by the sitting vice president. The board of directors will elect both, with the first election scheduled to take place at the end of 2013.
Avi Paz, an Israeli diamantaire and former president of the World Federation of Diamond Bourses, is serving as interim president of the WDC, taking over for Eli Izhakoff, who headed the WDC for 13 years before stepping down this summer.
The organization also has opted to add an executive director position.
The WDC announced the overhaul of its bylaws on Nov. 13 after stating in July 2012 that it was restructuring.
The changes to the WDC’s bylaws also called for geographical diversity on the WDC’s board, with mining companies, manufacturers, traders and retailers all represented, and for WDC members to pay annual dues.
In addition, the WDC adopted a code of conduct. The code dictates that WDC members remain up to date on KP requirements and educate their staffs on the KP. In addition, all member of the WDC must implement all elements of the WDC’s System of Warranties in their businesses.