Parikh was born in Navsari, on the west coast of India, and moved with his family to Antwerp, where his father set up Diarough in 1975. Parikh studied at the Antwerp International School and in Paris. He now runs the family business, which employs about 50 people in Antwerp but has factories in Canada, South Africa, Botswana, India and Thailand.

Diarough is one of only 79 companies worldwide on the list of sightholders approved by DeBeers, the world’s largest provider of rough diamonds, for the bulk purchase of stones. His appointment is highly significant as he is a strong supporter of Antwerp as a world diamond centre and a counter to moves from within the Indian diamond community to move operations out of the Flemish city.

“We congratulate Mr Nihit Parikh on his election as AWDC president,” said Freddy J Hanard, chief executive of the AWDC. “With his intimate knowledge of the diamond business and his long record of public service, he comes well equipped to fill this role. And with his dedication to the continued strength of the Antwerp centre, we are confident that, just like his predecessors, he will loyally defend the interests of all the sectors that make up our business community.”