On November 11, DMCC started Dubai Diamond Week with its flagship Dubai Diamond Conference (DDC). The event, which will bring together hundreds of industry stakeholders, intends to address major concerns in the diamond industry, including as price instability, the growth of lab-grown alternatives, and altering customer preferences.
H.E. Juma Al Kait, Chief Trade Negotiator for the UAE and Assistant Undersecretary for International Trade Affairs at the UAE Ministry of Economy, stated, “While there are clear opportunities in the landscape, we must also acknowledge the unique challenges that the diamond industry faces.” In this context, the DDC offers a vital venue for industry leaders to confront these issues and find answers. Key to achieving this would be Dubai’s continuous efforts to partner with other global diamond centers across the world to promote and sustain the sector in the long run.”
The conference focused on critical topics such as geopolitical instability, economic uncertainty, and supply chain interruptions. Experts emphasized the necessity for technologically advanced solutions and new tactics to safeguard the industry’s future. The significance of ethical and environmental practices was emphasized, with a focus on compliance with changing requirements.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC and Chairman of the Dubai Diamond Exchange (DDE), stated, “As the diamond industry continues to undergo profound change, Dubai is leading global collaboration efforts and demonstrating its credentials as the world’s leading diamond hub. The Dubai Diamond Conference, one of three world-class events held during Dubai Diamond Week, is unique in its capacity to bring stakeholders from all stages of the value chain together, generate vital conversations, and chart a feasible road ahead on a global scale. Dubai, in collaboration with stakeholders and other global trade hubs, must utilize this week’s momentum to scale up the latest solutions and assure the long-term growth and sustainability of the whole diamond sector.”
Dubai has evolved as a major diamond trading hub, facilitating the exchange of approximately 120 million carats of raw and polished diamonds in the first half of 2024.
Al Cook, Chief Executive Officer , DeBeers Group added: “Every time I come here, I am impressed and inspired by the Dubai government’s vision and ambition. While other economies have stagnated, Dubai has thrust itself forward, becoming the global marketplace. In the diamond industry, this role serves as a bridge between Africa and the rest of the world. The diamond sector has benefited from Dubai’s ability to maintain and strengthen under the leadership of DMCC Executive Chairman and CEO Ahmed Bin Sulayem. Since taking on the post of Chair of the Kimberley Process, he has driven a new degree of transparency in the KP certification process, and at a time when customers are more concerned about the provenance of their purchases, I appreciate this success.”
The first panel discussed the most important concerns facing the diamond industry, including as geopolitical conflicts, uncertain economic situations, and supply chain difficulties. Oversupply and sluggish demand, China’s economic recession, increased competition from lab-grown alternatives, and altering consumer preferences were all highlighted as major challenges.
The second panel discussed lessons from different industries. Experts from a variety of industries, including luxury goods, fine watches, and food and beverage, provided essential insights from global trade that can help the diamond business, emphasizing the risks of single-solution traceability and the intricacies of supply chain investigations. They emphasized the importance of diversified, technology-driven methods in securing the industry’s future.
The final panel focused on ESG legislation, with regional experts explaining how the expanding regulatory framework affects compliance and market trends. Going beyond mere compliance, the debate demonstrated the strategic advantage derived by integrating sustainability and ethics into the core of business.
The final panel discussed the drivers of strategic transformation in the diamond business, outlining a route to overcoming today’s issues. Panelists issued a forceful call to action by analyzing previous achievements and failures, mobilizing stakeholders around positive transformation.