DMCC launched Dubai Diamond Week with its flagship Dubai Diamond Conference (DDC) on 11th November. The event, which brings together hundreds of industry stakeholders, aims to address pressing challenges facing the diamond industry, including price volatility, the rise of lab-grown alternatives, and shifting consumer 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, said, said: “Whilst there are clear opportunities in the landscape, we must also acknowledge the unique challenges facing the diamond industry. In this regard, the DDC provides an invaluable platform for industry leaders to address these challenges and seek solutions. Key to achieving this will be the ongoing efforts Dubai is making to collaborate with other global diamond centres around the world to support and sustain the industry in the long-term.”
The conference addressed pressing issues such as geopolitical tensions, economic uncertainties, and supply chain disruptions. Experts discussed the need for tech-driven solutions and innovative strategies to secure the industry’s future. The importance of ethical and sustainable practices was emphasised, with a focus on compliance with evolving regulations.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, and Chairman of the Dubai Diamond Exchange (DDE), said: “As the diamond industry continues to navigate a period of profound change, Dubai is spearheading global collaboration efforts and proving its credentials as the world’s leading diamond hub. One of three world-leading events taking place under Dubai Diamond Week, the Dubai Diamond Conference is unique in its ability to unite stakeholders across the value chain, drive critical conversations and set a viable path forward at the global level. Dubai, working with stakeholders and other trade hubs worldwide, must seize the momentum of this week to scale up the latest solutions and ensure the long-term growth and sustainability for the entire diamond industry.”
Dubai has emerged as a leading diamond trading hub, facilitating the trade of nearly 120 million carats of rough and polished diamonds in the first half of 2024.
Al Cook, Chief Executive Officer, DeBeers Group, added: “Every time I come here, I’m amazed and inspired by the vision and ambition of the Dubai government. While other economies have stalled, Dubai has propelled itself forward and become the marketplace for the world. A position that, in the diamond industry, makes it a bridge between Africa and the world. The diamond industry has benefitted from Dubai’s capability in maintaining and strengthening under the leadership of DMCC Executive Chairman and CEO Ahmed Bin Sulayem. Since he took on the role as Chair of the Kimberley Process, he has driven a new level of transparency in the KP certification process, and at a time when consumers care more and more about the provenance of what they buy – I applaud this achievement.”
The first panel explored the most pressing issues impacting the diamond market, including geopolitical tensions, volatile economic conditions and supply chain pressures. Particular attention was paid to challenges emanating from oversupply and weak demand, economic slowdown in China, the rise in competition from lab-grown alternatives and shifting consumer preferences.
The second panel focused on lessons from other industries. Experts from various sectors, including luxury goods, fine watches and F&B, shared key insights from global trade that can elevate the diamond industry, highlighting the pitfalls of single-solution traceability and the complexities of supply chain investigations. They underscored the need for diverse, tech-driven strategies to secure the industry’s future.
The third panel put ESG regulations under the spotlight, as regional experts outlined the evolving regulatory landscape’s influence on compliance and market trends. Going beyond mere compliance, the discussion showcased the strategic edge gained by embedding sustainability and ethics at the core of business.
The final panel focused on the drivers of strategic change in the diamond sector, mapping out a path to overcome today’s challenges. Through analysing past successes and failures, panellists delivered a strong call to action, rallying stakeholders around positive transformation.