Dubai Diamond Conference 2017: Charting the Course for an Interconnected & Sustainable Diamond Future

The highly anticipated Dubai Diamond Conference 2017 commenced with remarkable vigor, drawing together a distinguished assembly of leading figures and thought leaders from across the global diamond industry. This third biennial edition of the two-day conference, held in the dynamic hub of Dubai, adopted the forward-looking theme: “Shaping the future of an interconnected marketplace.” The event served as a crucial platform for thorough discussions, insightful presentations, and collaborative panel sessions aimed at addressing the most pressing issues and seizing the emerging opportunities within the complex world of diamonds.

Participants from every segment of the diamond value chain—from mining and manufacturing to retail and finance—converged in Dubai, underscoring the city’s growing importance as a central nexus for the international diamond trade. The conference’s robust agenda reflected the industry’s commitment to innovation, transparency, and adapting to the evolving demands of a globalized economy and a new generation of consumers.

Inaugural Addresses: Setting the Strategic Agenda for Global Diamond Trade

The conference was officially inaugurated by His Excellency Abdullah Al Saleh, Undersecretary of Foreign Trade and Industry, UAE Ministry of Economy, alongside Ahmed Bin Sulayem, Executive Chairman of DMCC (Dubai Multi Commodities Centre). Their opening remarks extended a warm welcome to the elite group of speakers, panelists, and delegates who had traveled from around the globe, emphasizing the collaborative spirit essential for the industry’s sustained success.

Dubai’s Enduring Vision and Remarkable Growth in the Diamond Sector

In his inaugural speech, H.E. Abdullah Al Saleh articulated Dubai’s unwavering commitment to fostering the diamond industry’s growth and prosperity. “It is truly inspiring to witness such a remarkable gathering of world-class experts at the 3rd Dubai Diamond Conference. Dubai firmly believes in the immense potential of the diamond industry to expand and thrive, and we are dedicated to providing every possible support to facilitate its continued development,” stated H.E. Abdullah Al Saleh. His remarks highlighted Dubai’s strategic intent to diversify its economy and strengthen its position as a global trading powerhouse, with diamonds playing a significant role in this vision. The UAE government’s proactive policies and supportive infrastructure have been instrumental in attracting major players and investments to the region, creating an environment conducive to international trade and economic growth.

DMCC’s Catalytic Role in Dubai’s Diamond Ascendancy: Ahmed Bin Sulayem’s Perspective

Ahmed Bin Sulayem further elaborated on Dubai’s pivotal role and rapid ascent in the global diamond trade. He passionately highlighted the historical significance of diamonds in Dubai’s heritage, long serving as a vital gateway for international commerce. “Diamonds have historically held an illustrious position in Dubai’s narrative as a crucial nexus for global trade. And in a remarkably short span of just 15 years, Dubai has transformed into the world’s third-largest diamond trading center. This extraordinary achievement was not a matter of chance; it was the direct outcome of a meticulously designed ecosystem that prioritizes safety, fosters business-friendliness, and strategically connects both diamond-producing and consuming markets,” Bin Sulayem asserted. This intentional strategy has yielded tangible results, as illustrated by the staggering increase in the value of diamonds handled through Dubai, which surged from US$3.5 billion in 2003 to an impressive US$26 billion in 2016. This exponential growth underscores DMCC’s effectiveness in creating a robust and attractive environment for diamond businesses worldwide, offering state-of-the-art facilities, efficient regulatory frameworks, and unparalleled logistical advantages.

Bridging the Generational Gap: Understanding and Engaging the Millennial Consumer

In a forward-looking address, Bin Sulayem also drew attention to emerging consumer trends, particularly the shifting perceptions among the millennial generation. He cited recent research indicating that 37% of millennials express a degree of distrust towards large corporations and established brands. “We are operating in a profoundly different world,” he noted, emphasizing that the challenge extends far beyond traditional advertising and marketing. “As an industry, we must critically examine what changes are necessary to better resonate with this increasingly influential demographic. This is precisely why I anticipate that one of today’s dedicated panel discussions, titled ‘How diamonds fit in the new era of Millennials,’ will be exceptionally pertinent and insightful.” His comments underscored the urgent need for the diamond industry to understand millennial values, which often prioritize authenticity, social responsibility, and personalized experiences, in order to maintain relevance and appeal.

Driving Ethical Progress: Sustainability and Responsible Practices in the Diamond Industry

The conference underscored the diamond industry’s growing recognition of its environmental and social responsibilities. Discussions around sustainable practices and ethical sourcing were central to the agenda, reflecting a global shift towards conscious consumerism.

The UN Global Compact and Sustainable Development Goals: Sir Mark Moody-Stuart’s Vision

The keynote speech by Sir Mark Moody-Stuart, Chairman of the Global Compact Foundation, provided a powerful framework for integrating ethical considerations into business operations. His address meticulously focused on the United Nations Global Compact initiative, outlining a clear path for the diamond industry to adopt and implement its Sustainable Development Goals (SDGs). Sir Moody-Stuart emphasized how these global goals—ranging from environmental protection and fair labor practices to economic growth and peace—can contribute to building “a more just, more equitable, and more sustainable future for all.” He urged industry leaders to embed these principles into their core strategies, highlighting that responsible business practices are not only an ethical imperative but also a driver of long-term value and consumer trust. His vision articulated a future where the diamond sector not only delivers economic prosperity but also acts as a force for positive social and environmental change across the globe.

Industry Leaders Pledging Commitment to a Responsible Future

The opening session featured a distinguished roster of speakers, each bringing a unique perspective on the industry’s challenges and opportunities. These included Peter Meeus, Chairman of the Dubai Diamond Exchange, who provided insights into regional market dynamics; the Hon. Mosebenzi Joseph Zwane, Minister of Mineral Resources, Republic of South Africa, representing key diamond-producing nations; and Paul Rowley, Executive Vice-President – Global Sightholder Sales, De Beers Group, offering a producer’s viewpoint. Also contributing were Robert Owen-Jones, Kimberley Process Chair 2017, discussing efforts to combat conflict diamonds; Ernest Blom, President of the World Federation of Diamond Bourses (WFDB), advocating for fair and transparent trade; and Stéphane Fischler, Acting President of the World Diamond Council, championing responsible sourcing and industry integrity. Their collective presence highlighted a unified industry resolve to address critical issues and ensure a sustainable future.

Crucial Conversations: Panel Discussions at DDC 2017

The opening day of the conference was distinguished by two pivotal panel discussions that delved into the most pressing concerns facing the diamond industry today. These sessions facilitated robust debates and collaborative problem-solving, bringing together diverse perspectives from across the diamond pipeline.

Uniting for a Sustainable Diamond Future: A Call to Action

The first panel discussion, titled ‘Uniting the industry to accelerate initiatives driving the sustainable development agenda forward,’ underscored the urgent need for collective action on sustainability. This session brought together an exceptional group of experts and advocates:

Sir Mark Moody-Stuart, Chairman, Global Compact Foundation
Ernie Blom, President, World Federation of Diamond Bourses (WFDB)
Andrew Bone, Executive Director, Responsible Jewellery Council (RJC)
Feriel Zerouki, Head of Government and Industry Relations, De Beers Group
Dr. Gaetano Cavalieri, President, CIBJO, The World Jewellery Confederation
Praveen Shankar Pandya, Chairman, Gem and Jewellery Export Promotion Council (GJEPC)
David Bouffard, Vice-President, Corporate Affairs, Signet Jewelers Ltd.

Ernie Blom, speaking on behalf of the diamond industry, emphasized the critical importance of responsible mining, manufacturing, and sourcing practices. He articulated, “Sustainability is not merely an option; it is absolutely critical for the protection of our planet. Furthermore, from a consumer perspective, it has unequivocally become the ‘new normal.’ Consumers, particularly the younger generation, are actively demanding sustainable and ethically sourced products, and we, as an industry, must demonstrably integrate this into the very core of our agenda.” The discussion highlighted that embracing sustainability goes beyond compliance; it builds brand equity, ensures supply chain resilience, and meets the growing ethical expectations of a global consumer base. Panelists explored innovative solutions, best practices, and collaborative frameworks to drive positive environmental and social impact throughout the diamond value chain, from mine to market.

Diamonds in the Digital Age: Engaging the Millennial Generation

Following the discussions on sustainability, Jean-Marc Lieberherr, CEO of the Diamond Producers Association (DPA), presented an update on the association’s ongoing efforts to promote diamond jewelry sales, with a particular focus on captivating younger buyers. His presentation set the stage for the subsequent and equally critical panel debate: ‘How diamonds fit in the new era of millennials.’ Joining Lieberherr on this insightful panel were:

Amit Dhamani, CEO and Managing Director, Dhamani Jewels
Rajiv Mehta, Director, Dimexon International
Kolia Neveux, Managing Director – the Middle East & Africa, Bulgari

This dynamic panel delved into the vital importance of attracting and retaining millennials, a demographic estimated to wield an impressive spending power of US$65 billion in the United States alone. Lieberherr shared compelling research from the DPA, indicating that millennials are fundamentally driven by a search for authenticity and genuine experiences in their lives. Crucially, diamonds are perceived by this generation as representing “something real”—a symbol of enduring connections and true value in an often-ephemeral digital world. The panelists explored innovative marketing strategies, the power of digital storytelling, and the necessity of aligning diamond brands with the authentic values cherished by millennials. They discussed how the industry can communicate the unique emotional resonance and natural heritage of diamonds in ways that truly resonate with this influential consumer segment, moving beyond traditional luxury advertising to create deeper, more meaningful connections.

Global Representation: A Gathering of Influential Stakeholders

The Dubai Diamond Conference 2017 served as a testament to its global significance, attracting a diverse array of high-level stakeholders from across the diamond industry and various governmental bodies. The extensive list of participants highlighted the event’s stature as a crucial forum for international dialogue and collaboration.

Attendees included ministers responsible for mineral resources from key diamond-producing nations, diplomatic representatives, and leaders from the world’s most renowned jewelry and financial institutions. This impressive attendance underscored the collective global interest in the issues discussed and the solutions proposed during the conference. Notable international attendees included:

Dr. Obolokile Obakeng, Acting Permanent Secretary, Minerals, Energy and Water Resources, Republic of Botswana
Hon. Leopold Mboli Fatran, Minister of Mines and Geology, Central African Republic
Hon. Keketso Sello, Minister of Mining, Kingdom of Lesotho
Hon. Joseph Zwane, Minister of the Department of Mineral Resources, Republic of South Africa
Hon. Walter K. Chidhakwa, Minister of Mines and Mining Development of the Republic of Zimbabwe
H.E. Emmanuel Kamarianakis, Consulate General of Canada
H.E. Paul Fox, British Consul General to Dubai
H.E. Dominique Mineur, Ambassador of Belgium to UAE
H.E. Vipul, Consul General of India to Dubai and N. Emirates
H.E. Paul Ramsey Malik, U.S. Consul General to Dubai

The presence of such influential figures facilitated high-level policy discussions and cemented the conference’s role as a vital platform for shaping the future trajectory of the global diamond trade. Their participation underscored the geopolitical and economic importance of the diamond industry and the necessity for international cooperation on issues ranging from ethical sourcing to market development.

The Enduring Legacy of DDC 2017: Charting a Course for Tomorrow

The Dubai Diamond Conference 2017 concluded having successfully illuminated the path forward for an industry navigating a rapidly changing global landscape. The discussions reinforced Dubai’s strategic importance as a facilitator of global trade and a catalyst for innovation within the diamond sector. Key takeaways from the conference centered on the urgent need for enhanced transparency, the critical integration of sustainable practices across the supply chain, and innovative strategies to effectively engage the millennial generation, whose purchasing power and values are reshaping the luxury market.

The collaborative spirit witnessed throughout the conference, from the insightful keynote addresses to the dynamic panel discussions, underscored the industry’s collective commitment to addressing challenges proactively and seizing new opportunities. As the diamond world continues to evolve, the principles and strategies articulated at DDC 2017 will undoubtedly serve as a foundational roadmap, guiding stakeholders towards a more interconnected, responsible, and prosperous future. Dubai’s role as a leading global diamond hub is not just about trade volume; it’s about fostering dialogue, driving progress, and ensuring the enduring brilliance of diamonds for generations to come.