The Kimberley Process Chair (KP Chair), Ahmed Bin Sulayem, was recently honoured by the Diamond Dealers Club (DDC) of New York for his contributions “to supporting the sustainable growth of the global diamond industry” during an official visit to the United States.

A plaque was presented to him by Reuven Kaufman, President of the DDC, and Eli Izhakoff, Honorary President of the DDC and WFDB.

During his tenure as KP Chair, Bin Sulayem has undertaken a series of visits across important markets in the diamond supply chain. He also held meetings with major stakeholders in New York to discuss key issues and proposals he has made over the year to strengthen the KPCS, including the need for a consensus around a system of rough diamond valuation; a Permanent Secretariat in the UN for the KP; and a common fund for NGOs involved in the global initiative.

Also on the agenda of the New York meeting was a discussion on how various trade bodies in key markets “can cooperate to bolster the growth of the industry in a sustainable manner”.  

“The world-class infrastructure for the diamond industry in the US, along with the work they have done in developing innovative best practices to follow, sets the country apart as one of the most mature markets in the sector,” said Bin Sulayem. “Given this position, stakeholders in the US have a unique opportunity to continue driving the industry forward by ensuring parties across the diamond supply chain are receiving their fair share, and this is an ambition we have relentlessly pushed this year. I am honoured by the recognition from the DDC, and given the positive discussions that have taken place, we are optimistic that there will be significant progress made towards this goal.”

As the largest consumer of diamonds in the world, the US is one of the most important stakeholders in the global diamond supply chain. The US imported US$ 343.5 million in rough diamonds last year when sales of diamonds hit a record level of US$ 39 billion, which represented a rise of 5% over 2014, according to research from De Beers. The US also increased its share of global polished diamond demand from 42% to 45% last year. Industry analysts expect the US to be a driving force for diamond sales in 2016 as well, despite the challenges of lower demand from millennial customers, who are concerned about various issues with regards to the industry.   

Bin Sulayem added: “Strengthening the public’s trust in the diamond industry is, naturally, essential to its long-term prosperity. As a result, industry stakeholders in the US – the biggest diamond market globally – have a vital role in enhancing consumer confidence. Through our discussions here, we have focused on the part the KP can play in this regard. We strongly believe that driving public awareness about the work being done to ensure ethical production and the concept of fair value is embedded across the diamond supply chain will go a long way towards building the public’s trust in the diamond industry.” 

Pic Cap:  KP Chair Ahmed Bin Sulaye (centre) with Reuven Kaufman, President of the DDC (rt), and Eli Izhakoff, Honorary President of the DDC and WFDB (lft)