Global leaders gather at Dubai Diamond Conference to shape industry’s future

Photo : Dubai government media office

DMCC (Dubai Multi Commodities Centre), a leading international business district in Dubai, kicked off the highly anticipated Dubai Diamond Week with its flagship event, the Dubai Diamond Conference (DDC). This prestigious conference brought together key stakeholders from across the diamond industry, including governments, producers, miners, and retailers, in response to the significant challenges facing the global diamond sector.

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The diamond industry is currently grappling with several pressing issues, including a global price downturn, weak consumer demand, competition from lab-grown diamonds, and shifting market preferences. The Dubai Diamond Conference, held under the theme "Thriving Under Pressure – Navigating New Global Paradigms," served as a platform for dialogue, with industry leaders discussing ways to overcome these challenges and ensure long-term sustainability.

During the keynote address, His Excellency Juma Al Kait, Chief Trade Negotiator for the UAE and Assistant Undersecretary for International Trade Affairs at the UAE Ministry of Economy, emphasized the importance of collaboration within the global diamond industry. He noted the opportunities available despite the current challenges, underlining Dubai's central role in connecting global diamond trade centers and providing sustainable solutions.

Since the last Dubai Diamond Conference, Dubai has cemented its position as the world's largest diamond trade hub. In the first half of 2024 alone, Dubai traded nearly 120 million carats of rough and polished diamonds, reflecting significant year-on-year growth. This development underscores Dubai's resilience and leadership in the diamond market.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, and Chairman of the Dubai Diamond Exchange (DDE), also spoke at the conference, highlighting Dubai's leadership role in fostering global collaboration within the diamond sector. He stressed that Dubai's efforts to bring together stakeholders across the diamond value chain were crucial for addressing the industry's challenges. Sulayem called for concerted action to ensure the long-term growth and sustainability of the industry.

Al Cook, CEO of De Beers Group, commended Dubai's vision and ambition in becoming the global diamond marketplace. He praised Dubai's leadership in advancing transparency in the Kimberley Process (KP), which certifies the origin of diamonds, an essential aspect as consumers increasingly demand greater transparency about the products they purchase.

The conference featured several insightful panel discussions. The first panel focused on the key challenges impacting the diamond market, including geopolitical tensions, economic instability, and supply chain disruptions. The oversupply of diamonds, weak demand, and the rise of lab-grown diamonds were highlighted as major concerns.

The second panel explored lessons from other industries, such as luxury goods and fine watches, to inform the diamond sector's future. Experts discussed the complexities of supply chain investigations and the need for diverse, tech-driven strategies to address the industry's challenges.

The third panel examined Environmental, Social, and Governance (ESG) regulations and their impact on the diamond industry. Panelists emphasized that companies can gain a strategic edge by embedding sustainability and ethics into their operations, going beyond mere regulatory compliance.

The final panel focused on drivers of strategic change within the diamond sector. By analyzing past industry successes and failures, the panel called for bold action to navigate the current challenges and transform the diamond industry.

The Dubai Diamond Conference also welcomed major sponsors, including Stargems, a global diamond and diamond jewelry manufacturer, wholesaler, and retailer. Platinum sponsors included Choron, an international diamond group, and Catoca, Angola's largest diamond company.

The spirit of unity fostered at the Dubai Diamond Conference will continue throughout Dubai Diamond Week, with events like JGT Dubai, the region's premier B2B trade show, and the 2024 Kimberley Process Plenary Session. During the Plenary, DMCC's CEO Ahmed Bin Sulayem will present the UAE's achievements in the "Year of Delivery," showcasing Dubai’s leadership in global trade and its commitment to advancing the Kimberley Process.