The highlight of the second and final day of the Dubai Diamond Conference 2017    organised by the Dubai Diamond Exchange (DDE), a platform of the DMCC (Dubai Multi Commodities Centre), was the keynote speech by the former Prime Minister of the United Kingdom, David Cameron.

Cameron addressed a range   of issues in his speech. He stressed, particularly,   the twin issues of sustainability and ethical business practices. Praising Dubai and its openness, diversity and rule of law, he said these were values which Dubai and the United Kingdom share.

“Responsible capitalism is what I believe in,” Cameron said. “It’s the next logical step. Big business needs to do far more to deliver a fair economy and environment... Business needs to be fair, open and transparent. This is a big opportunity for the industry. You can get ahead of the game by being in favour of ethical behaviour. We need to expand transparency across the globe. Many African countries have suffered from a resource curse, and I believe we have to help countries to make the right choices and spread their wealth among their people. That is the responsibility of us all.”

Earlier, the day had begun with the official launch of the Nemesis International diamond cutting and polishing facility.

“The state-of-the-art facility is seen as completing the range of services that Dubai's diamond trade can offer by providing the highest level of diamond polishing,” DDE said.

A sparkling addition to Day 2 of the Conference was the display of the 163.41-carat emerald-cut diamond owned by the Geneva-based luxury jeweller, De Grisogono by Christie’s.  Cut from a 404-carat rough discovered in February 2016 in the Lulo mine in Angola, the diamond was displayed at the Conference as part of its world tour. 

The auction house describes the gem as the  largest D-colour flawless diamond   ever come to auction and says it will be   offered for sale on November 14 as a highlight of Christie’s Magnificent Jewels sale in Geneva.

Later,  Ashit Mehta, Director of Platinum Sponsor Aurostar, spoke about the challenges affecting the midstream of the diamond sector where diamond margins are dropping. His presentation was followed by  speeches from the Mining Ministers of important African diamond producing states: the Hon Walter K. Chidhakwa, Minister of Mines and Mining Development, Republic of Zimbabwe; the Hon Keketso Sello, Minister of Mining, Kingdom of Lesotho; the Hon Leopold Mboli Fatran, Minister of Mines and Geology, Central African Republic; and Dr Obolokile Obakeng, Acting Permanent Secretary, Minerals, Energy and Water Resources, Republic of Botswana.

 Day 2 also featured a panel discussion on ‘Lab-grown diamonds and their disclosure: Is there a problem’.  

“We don’t have a problem with synthetics as long as they are disclosed,” said World Federation of Diamond Bourses President Ernie Blom. “Lack of disclosure is our main concern. We rely on our 30 affiliated bourses to aid us in this.” 

 ‘Bankability, transparency, innovation’, was the topic for the next panel discussion. Several notable members of the banking sector discussed the reasons for the increasing difficulty faced by diamond firms in securing credit. Bankers agreed that further efforts to boost transparency were needed.

Another discussion ‘KP Reform: A reality or a never ending story?’ analysed  how far the KP has advanced in the 14 years since it was established and debated as to what should be its future path. 

The impact of value added tax (VAT) or GST on wholesale diamond trading; ‘Diamond trading centres – working together to create global wealth’ was the next discussion with participants providing insights as to the likely impact of the taxes.

The final panel discussion was on the topic ‘Tender or auctions: temporary phenomenon or new business of the future?’ The panellists looked at this relatively new marketing method and how they are affecting the prices being paid by the industry for rough goods.

DDE Chairman Peter Meeus said the third edition of the Dubai Diamond Conference  had once again illustrated its importance and the ability of Dubai to bring together international leaders of the diamond industry ranging from African Ministers to traders, financiers and world-renowned jewellers. 

Pic Cap:
(Left) Former UK Prime Minister David Cameron delivering the keynote speech at  the Dubai Diamond Conference; and (right) seen with Ahmed Bin Sulayem, Executive Chairman of DMCC