Edi Faltz, President of the World Jewelry & Diamond Hub, Panama.

The vote took place on January 10, following an earlier decision by the diamond exchange's management, which appointed an Election Committee to manage the process.

Mr. Faltz, who had served as Executive Vice President of the bourse from September 2016 and headed its membership and banking committees, is the owner and CEO of Ten Global SA, a diamond and jewelry company headquartered in Panama City. A veteran diamantaire, he is also owner and CEO of both DBO (Diamond Buying Office) and the Faltz Diamond & Jewelry Group in Ramat Gan, Israel, and has worked as an external advisor to two leading Swiss banks. He is additionally a Past Master of the Freemasons.

"It has been a privilege to serve during a challenging period, and I am delighted to be handing over the reins of the presidency to Edi, who has been committed to the establishment of a diamond, gemstone and jewelry hub in Panama practically from its very beginning, and has invested so much personally in the future of the business in this nation and in several countries of Latin America," said the outgoing president, Mr. Khemlani. "He brings new energy and an exciting vision. I wish him and all of the membership the very best of luck and good fortune moving forward."

"I am both honored and appreciative to have been awarded this opportunity," said Mr. Faltz, following the election. "The World Jewelry & Diamond Hub, Panama, has faced a series of challenges since its creation, but the promise of a dedicated trading and manufacturing center in Latin America remains strong. After two and a half tough economic years, growth in the area has resumed and is forecast to accelerate in 2018 and 2019, with regional GDP surpassing the record set in 2014. With this in mind, my team and I are putting the final touches to an ambitious development plan for the bourse, and we will release it publicly in the coming few weeks."