Dubai Diamond Week opens with discussion on industry's future course

DMCC launched the Dubai Diamond Week with its flagship Dubai Diamond Conference (DDC), addressing key challenges in the diamond industry, such as a global price downturn, weak demand, competition from lab-grown diamonds, and shifting consumer preferences.

Under the theme “Thriving Under Pressure – navigating new global paradigms,” the event brought together stakeholders from governments to retailers to discuss collaborative strategies.

Juma Al Kait, UAE Chief Trade Negotiator and Assistant Under-Secretary for International Trade Affairs at the Ministry of Economy, highlighted the importance of global collaboration, stating, “The Dubai Diamond Conference offers a vital platform for addressing challenges and forging long-term solutions, reinforcing Dubai’s role in supporting the industry.”

Dubai, now the world’s largest diamond trading hub, saw nearly 120 million carats traded in the first half of 2024, reflecting strong year-on-year growth.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC and Chairman of the Dubai Diamond Exchange, emphasised Dubai’s leadership in fostering industry collaboration, “As the global diamond hub, Dubai is uniquely positioned to unite stakeholders and drive meaningful discussions for the sector’s sustainable growth.”

Al Cook, CEO of De Beers Group, praised Dubai’s visionary leadership, highlighting its role as a key trade bridge between Africa and the world. He also acknowledged Ahmed Bin Sulayem’s efforts in enhancing transparency within the Kimberley Process.

The conference featured panels on pressing market issues, including geopolitical tensions, economic slowdown in China, and competition from lab-grown diamonds. Experts discussed leveraging strategies from other sectors, tech-driven solutions, and the importance of embedding ESG principles.

Dubai Diamond Conference was backed by sponsors like Stargems, Choron, and Catoca, and will be followed by JGT Dubai and the 2024 Kimberley Process Plenary Session, where DMCC’s CEO will present UAE’s milestones during its “Year of Delivery.”