Dubai Multi Commodities Centre (DMCC) launched Dubai Diamond Week with the prestigious Dubai Diamond Conference (DDC) as its centerpiece.
With the diamond industry facing significant obstacles—ranging from a global price downturn and competition from lab-grown diamonds to shifting consumer preferences—Dubai brought together global leaders to discuss strategies for sustaining the sector.
The conference, themed “Thriving Under Pressure – navigating new global paradigms,” welcomed key figures from every corner of the diamond supply chain, including government officials, producers, and retailers. His Excellency Juma Al Kait, UAE Chief Trade Negotiator, emphasized Dubai’s commitment to supporting the diamond industry through collaborative efforts with other trade hubs, noting,
“The Dubai Diamond Conference provides an invaluable platform for industry leaders to address these challenges and seek solutions.”
Since the last DDC, Dubai has cemented its position as the world’s largest diamond trade hub, trading nearly 120 million carats in the first half of 2024.
Ahmed Bin Sulayem, DMCC’s Executive Chairman and CEO, highlighted Dubai’s leadership, saying,
“Dubai is spearheading global collaboration efforts...to scale up solutions for the long-term growth and sustainability of the diamond industry.”
Industry experts also addressed various challenges through panel discussions, focusing on supply chain pressures, shifting consumer preferences, and emerging competition from lab-grown diamonds. The final panel emphasized the importance of embedding environmental, social, and governance (ESG) strategies to secure the industry’s future.
Supporting sponsors, including Stargems and Choron, reinforced Dubai’s role in global diamond trade. Events will continue throughout Dubai Diamond Week, concluding with the Kimberley Process (KP) Plenary Session, where DMCC’s Bin Sulayem will present Dubai’s achievements, underscoring its commitment to ethical and sustainable practices in the diamond industry.
News Source: Dubai Media Office
