Continuing with the exercise of ensuring engagement between the Kimberley Process and countries across the diamond supply chain, the UAE KP Chair, Ahmed Bin Sulayem, held a series of meetings with senior government and industry representatives in South Korea during a recent visit to that country. The aim was to explore ways in which the diamond industry could be bolstered in the East Asian nation which is emerging as an important hub in the region.

Bin Sulayem met with Hong Dawoon, Assistant Director of the Export Control Policy Division at the Ministry of Trade, Industry & Energy; as well as Chang Soo Nam, President of the Korea Diamond Exchange, and the KDE Board of Directors. Additionally, the Korea Strategic Trade Institute (KOSTI) delivered a presentation of their work in managing Korea’s KP Office. He also interacted with industry representatives including Koo Hyun-Woo, Chief of Gem Laboratory, Mirae; Yu Seong-Woo, CEO of Findings & Total Jewelry; and Jung Hun Kim, Partner at the Diamond division of ST&Co, amongst other officials.

“There is little doubt of the potential for Korea to become a more prominent player in the diamond industry – both as a consumer market and as a trade hub,” he said, adding, “Located in close proximity to both China and Japan, which are two of the biggest consuming markets globally, there is an opportunity for Seoul to act as a catalyst for theregional trade in diamonds. It already has the world-class infrastructure and resources in place, and with support from global diamond centers such as Dubai, I strongly believe that the country can become a hub for the industry in the years ahead.”

Korea has been a member of the KP since 2003 and imported over $3.8 million worth of rough diamonds in 2014. In total, the country imported $58.4 million in diamonds that year, and it is recognised as one of the biggest luxury goods markets in the world – worth over $11.6 billion in 2015. However, imitation jewellery is seen as an issue for the industry with imports in this space being valued at $82.8 million and exports worth $178 million in 2014.

“Through meetings with the government and the KDE, it is evident that the full potential of the consumer market remains untapped. We need to discuss ways in which the industry can work collectively with retailers to raise awareness and consumer confidence in the natural diamond sector, both as a sentimental and long-term investment, over imitation jewellery,” added Bin Sulayem.