Dubai Diamond Conference Launches Dubai Diamond Week with DMCC Chairman and De Beers CEO

The Dubai Diamond Conference (DDC), which took place on November 11, officially launched the inaugural Dubai Diamond Week. This flagship event, organized by the Dubai Multi Commodities Centre (DMCC), serves as a major global platform where industry leaders, stakeholders, and experts gather to address the pressing challenges and opportunities in the diamond sector.

Key Points from the Conference:

• Industry Challenges Discussed: The conference brought attention to critical issues facing the diamond industry, including:
  • Price volatility and its impact on market stability.
  • The rise of lab-grown diamonds and shifting consumer preferences.
  • Geopolitical tensions, economic uncertainties, and supply chain disruptions.
• Dubai’s Role as a Global Hub:
  • H.E. Juma Al Kait, UAE’s Chief Trade Negotiator, stressed the importance of Dubai’s role in fostering collaboration between global diamond centers to address challenges and ensure long-term sustainability.
  • Ahmed Bin Sulayem, Executive Chairman of DMCC, emphasized how Dubai has positioned itself as a global diamond hub, driving efforts for collaboration, innovation, and transparency across the industry.
• Keynote Address by Al Cook (De Beers):
  • Al Cook, CEO of De Beers, praised Dubai’s role as a marketplace connecting Africa’s diamond resources to global markets. He commended DMCC’s leadership under Ahmed Bin Sulayem for advancing transparency, particularly in the Kimberley Process.
  • Cook also highlighted Dubai’s resilience, noting how the city has thrived amid global economic shifts, becoming a central bridge in the diamond trade.
• Panel Discussions on Key Industry Issues:
  • Panel 1: Focused on current challenges like supply chain disruptions, economic slowdown, and lab-grown diamond competition. Experts discussed how the industry can navigate these hurdles to ensure sustainable growth.
  • Panel 2: Experts from other sectors, including luxury goods, fine watches, and food & beverage, shared insights into tech-driven solutions and the importance of diverse traceability systems.
  • Panel 3: Environmental, Social, and Governance (ESG) regulations were a key topic, with experts discussing how adopting sustainability and ethical business practices can provide a competitive edge.
  • Panel 4: Focused on driving strategic change in the diamond sector. Panellists urged stakeholders to collaborate and embrace transformation to tackle industry challenges.
• Dubai Diamond Week Events: In addition to the conference, Dubai Diamond Week includes a Kimberley Process plenary session and the JGT Dubai trade show, showcasing jewelry, gemstones, and technology. These events aim to further strengthen Dubai’s position as a key global diamond trading hub.

This event not only highlighted the industry’s most urgent concerns but also laid the foundation for collaborative solutions, innovation, and sustainable growth in the diamond sector.

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