Under the soft morning light of Doha’s skyline this January, industry leaders gathered for the Doha International Diamond & Gem Conference 2025
—a bold initiative underlining Qatar’s strategic ambitions in the gilded sector. The agenda was ambitious: fostering collaboration, enhancing transparency, leveraging storytelling, and unlocking new segments for future growth. Richa Goyal Sikri reports.
Qatar has emerged as one of the top markets for high-value goods and services. The debut this year of the Doha International Diamond and Gem Conference, held a few days before the already well-established Doha Jewellery and Watch Exhibition was a natural next step in Qatar’s journey towards reaffirming its distinctive position on the global luxury landscape.
But how does a new conference distinguish itself in an already crowded space? One of the many questions that Alex Popov, Chairman of the Organising Committee, CEO, Chairman, asked himself as he and his team began the herculean task of conceptualising and executing this January assemblage of luminaries in a span of a few months.
They focused on inviting key figures and companies that have had and continue to exert a significant influence over the diamond, pearl and coloured gemstone sectors from mine to market and beyond. Over two and a half days, across five panel discussions, these senior leaders, innovators, technologists, luxury specialists, and scientists engaged in thought-provoking dialogue. The content was fresh and authentic with speaker selections based on merit instead of sponsorship affiliations. There was significant participation from Africa, on and off the stage, not commonly seen at other conferences. The quality of the infrastructure, host hotel, and hospitality was, in true Qatari style, top-notch.
Before we delve deeper into the focus of this article: Coloured Gemstones and Pearls: New Horizons, here are some highlights from the conference. The sessions began with a series of opening addresses by key figures, including H.E. Saad Al Kharji, Chairman of Qatar Tourism, and Dr. Ahmad Al Sayed, Minister of State for Foreign Trade Affairs. Dr Sayed stressed on the need to move trade away from politics and shared Qatar’s commitment to play a positive role towards that objective globally. The speeches were brief and direct, setting the tone for the authentic discourse to follow. H.E. Bogolo Joy Kenewendo, Minister of Minerals and Energy of Botswana, spoke passionately about Botswana and the vital role natural diamonds have played in transforming the nation.
Ahmed Bin Sulayem, Executive Chairman of DMCC, said that it was unfair to blame lab-grown (synthetic) diamonds for the natural diamond industry’s problems and instead stakeholders should focus on cooperation and co-existing like the cultured and natural pearl sectors.
A pivotal address came from Feriel Zerouki, President of the World Diamond Council (WDC), who underlined the resilient nature of the diamond sector by sharing how despite a ~30% drop in the sale of diamond jewellery and rough diamonds in 2020, the industry had registered a 62% growth in diamond mining, 55% in cutting and polishing, and 22% in diamond jewellery retail by 2021. “Our industry faces new challenges, and they are serious,” said Zerouki about the present day. “Prices are down, sales are down, and the diamond industry is under pressure. It’s time to unite to drive demand, tell our story, innovate and foster transparency.”
Kirtit Bhansali, Chairman of GJEPC, spoke about the strides India was making in further expanding the gem and jewellery sector with initiatives such as the gem bourse in Jaipur. He invited delegates to leverage India’s world class manufacturing of jewellery.
The morning session featured a fireside chat with Paul Rowley, Executive Vice President of De Beers, in conversation with industry expert Richard Chetwode. The discussion traced the evolution of the diamond market, from the rise of synthetic alternatives to the shifting tides of consumer preferences and sustainability concerns. Rowley was confident of the diamond sector’s slow but sure recovery reminding the gathering of how diamond sales had dropped by 56% in the early eighties, 6% more than what it has now. Looking ahead he emphasised the long-term nature of the diamond business. Some positive moments from his address were related to a good festive season in the last quarter of 2024 in the US and India’s emergence as a strong consumer market, exemplified by De Beers’ recent collaboration with India’s largest jewellery group, Tanishq.
I was tasked to conceptualise and moderate the second panel discussion of the conference titled ‘Coloured Gemstones and Pearls: New Horizons’, featuring Dev Shetty, CEO, Gaston International Mining Investment Company, Elena Basaglia, Head of Partnerships and Product – Downstream, Gemfields, Peter Bracher, Executive Director, Paspaley Pearling Co., and Rashmi Sharma, Director of Jewel of Africa, Zambia.
My opening question asked the panellists what factors have accelerated a shift towards gemstones and pearls in recent years? Bracher from Paspaley Pearls, a dominant player in the premium South Sea pearl segment explained how the fashion industry, celebrity culture, and a desire to buy a responsibly produced/environment-friendly product has played a strong role in fuelling the demand for pearls, and particularly South Sea pearls.
For coloured gemstones, Basaglia from Gemfields, the world’s largest mining and marketing firm in the coloured gemstone space, explained how Gemfields’ consistent supply of well-graded rough (Mozambican) rubies across ~500 grades, and (Zambian) emeralds across ~200 grades, have played a vital role in giving confidence to jewellery makers to invest in acquiring and marketing jewels with rubies and emeralds. Alongside supply, Gemfields’ consumer-centric marketing efforts have significantly increased the visibility of coloured gems, impacting demand.
Other factors I highlighted include rising prices of coloured gems and pearls, which have instilled confidence among consumers who equate consistent price increases to value appreciation. The high cost of gold has also encouraged jewellery makers to decrease gold usage replacing segments in a necklace, for example, with strings of pearls or gemstone beads to manage their retail prices. Gold’s recent price breach of US$3,000/ounce will further fuel the demand for pearls and gems.
There was a brief discussion on the re-introduction by the Zambian government of the 15% export tax (compared to 2% in Brazil and 2.5% in Colombia) on emeralds, and its negative impact on the industry-at-large. A point was made that the 15% tax is on top of the 6% mineral royalty tax, which is the highest in the world. Since the conference, this 15% export tax has been withdrawn by the Zambian government.
I shared an update from the recently held Facets Gem Show in Sri Lanka, which reported strong demand for coloured gemstones, especially from India. And despite a 30% to 40% drop in Chinese purchases at the show, gem prices are still holding strong due to tight supply.
On supply, Bracher explained how in Australia supply for South Sea pearls can only be increased by 5% annually due to a strict regulatory environment (for the last 40 years) and dependency on the natural increase of the wild oyster population. On sales, Bracher said, “Demand has been very strong in the last five years, especially at the top-end. Looking ahead, branding and storytelling will be critical to maintaining and growing demand. If you are selling a commoditised product, it’s a race to the bottom.”
When the panel was questioned on their views regarding possible competition from the antique jewellery segment, Bracher said, “Holidays, cars, that’s competition, not antique jewellery. The pearl market is maybe 5% of the larger jewellery universe, which leaves plenty of space to grow without impacting other segments. The more people are interested in antique pearls, the more they will be interested in contemporary pearls. The important thing is that they are interested in jewellery.” Sharma added that her customers (mainly from the US) are keen on proof of provenance. “They are willing to pay a premium because they know that the jewellery they are purchasing contains responsibly mined gems and their acquisition is benefitting the country and its people, which is why the vintage segment is not a threat to us.”
Dev Shetty spoke about the power of an effective marketplace, and introduced his latest venture, an auction platform called Jemora Gem House. He explained how the idea for this platform came from the gem merchants who complained that after cutting and polishing an exceptional gem, they would struggle to find the right sales platform. Most, as Shetty said, would bring the stone to trade shows but only show it to one or two customers. Unlike traditional auction houses, Jemora Gem House will not publish transaction details and prices. Shetty’s response to my questioning the motivations for the same, especially given the opaque nature of the coloured gemstone sector, was, “This is a B2B auction platform. When a special stone comes to market our clients prefer that it’s sold in a discreet manner because the person buying the gem may further sell it to others down the pipeline. We are not going to announce the name of the buyer or the price because we are selling loose gemstones, not gems already set in jewellery. Our transparency will stop at our clients. We will undertake all checks and balances including partnering with Provenance Proof for the blockchain, which will be transferred to our client so they can declare that they purchased the stone from Jemora Gem House. Becoming a member of the RJC (Responsible Jewellery Council) is also a priority.”
On the best marketing approach to attract the younger generation Bracher said it’s no longer enough to talk about the product but to also share the story of where the product is produced and how it’s produced. Social media was highlighted as a key platform to communicate with the next generation of customers.
The panellists also shared their experiences related to responsible practices, and community support programs, initiatives that are an integral part of their operations and their core value system. The one aspect that stood out was the positive impact on the lives of women in Zambia through the efforts of Jewel of Africa and Gemfields, and Colombia with Fura Gems. Investment that leads to employment, skill development, and support for the local community in areas of livelihood, education, medical, all contribute not only towards the economic development of the region but safeguarding those areas from conflict.
The panel concluded with a discussion on the impact of government policies on supporting and/or destroying economic value not only in a particular country but industry wide. Key takeaways from that discussion included insights from Shetty (having dealt with government agencies in Colombia, Zambia, Mozambique, Madagascar, Sri Lanka, Australia), which included keeping government agencies always engaged with open lines of communication, ensuring the quality of the work is pristine and by the book, and finally patience!
Other panel discussions at the Doha International Diamond and Gemstone Conference included topics such as Fostering Collaboration in the Diamond and Gemstone Sectors, The Tech Advantage in Diamond and Gemstone Supply Chain, Adding Value to Diamonds & Gemstones: Keeping Consumers Captivated, From Mines to Markets: A Social Development Revolution.
The conference concluded with a reflective session on the last day initiated by the Master of Ceremonies and Communications Director, Jakob Aalbers, and led by Alex Popov, Chairman of the Organising Committee, CEO, Chairman. Another fresh approach, which engaged the delegates to discuss the achievements of the conference, and invited suggestions on how the event could be improved in the future. Many shared their learnings and offered recommendations.
The inaugural Doha International Diamond & Gem Conference 2025 was more than just a meeting of industry minds—it was a statement of intent. It proved that Qatar is not merely observing the evolution of the global gem and jewellery sector but actively shaping its future. The conference’s focus on transparency, collaboration, and innovation set a high benchmark, creating an environment where meaningful dialogue translated into actionable insights. As the industry navigates its next chapter, Doha has positioned itself as a key player, cultivating connections that will drive lasting transformation.