Glittering gateway into the world of diamond business

Yoram Dvash President, WFDB, called on the diamond industry to adopt the principles of social responsibility and transparency for the good of the industry. He said, “I call on us all to adopt these values. It is vital, if we want to protect the future of our industry.”The Presidents’ Meeting at the DMCC in Dubai organised by the World Federation of Diamond Bourses (WFDB) concluded on a successful note. The key feature at the meeting was the resolution adopted by DMCC in support of social responsibility, transparency, compliance and full disclosure. This was also the first time that representatives of the Young Diamantaires were invited to join the Executive Committee meeting and Working Session. Yoram Dvash, President, WFDB, called on the diamond industry to adopt the principles of social responsibility and transparency for the good of the industry. He said, “I call on us all to adopt these values. It is vital, if we want to protect the future of our industry.”

At the opening session, Angola Minister of Mineral Resources, Petroleum and Gas, HE Diamantino Pedro Azevedo, was the keynote speaker. Other speakers included host DMCC Executive Chairman Ahmed Bin Sulayem, Yoram Dvash, President, WFDB, Ronnie Vanderlinden, President, IDMA, Alrosa Head of International Relations Peter Karakchiev, De Beers CFO, Midstream, Susanne Swaniker, CIBJO President Dr. Gaetano Cavalieri, WDC President Edward Assche and Anoop Mehta, President, Bharat Diamond Bourse.

Directly after the Opening Session there was a panel of high-level international bankers and finance professionals who spoke about the challenges of financing the diamond sector. Participants included Bijayananda Pattanayak, Head of Gem & Jewellery Sector, IndusInd Bank, India; Davy Blommaert, Head of Diamonds, Bank of Fujairah, Dubai, Pierre de Bosscher, Head of European Operations, Delgatto Finance and Dror Zur, Head of Diamond Finance, Mizrahi-Tefahot Bank, Israel. Martin Leake, Special Advisor of Precious Stones, DMCC, and Anish Aggarwal, Co- Founder and Partner, GEMDAX, gave an introductory message about ‘The Future of the Diamond Industry’. Other Panel Discussions were on ‘Why did diamonds do so well during Covid?’ Panelists included Bruce Cleaver, Chief Executive Officer, De Beers Group and Sergey Ivanov, CEO, Chairman of the Executive Committee, Deputy Chairman of the Supervisory Board, ALROSA. The next Panel was on the topic ‘The New Consumer and Changing Demands’ that had Beryl Raff, Chairman and CEO, Helzberg Diamonds, Stephen Lussier, Chairman and Executive Vice-President, Forevermark, De Beers Group, and Shamlal Ahmed, Managing Director – International Operations, Malabar Gold & Diamonds, participating. The Panel discussion on ‘Rethinking The Diamond Supply Chain’ had David Block, CEO, Sarine Technology Group, Bernold Richerzhagen, Founder and CEO, Synova, and Rafael Papismedov, Co-Founder, Managing Partner, HB Antwerp, as panelists. and the final discussion had Yoram Dvash, President, World Federation of Diamond Bourses, Ronnie Vanderlinden, President, International Diamond Manufacturers Association, Edward Asscher, President, World Diamond Council, Iris Van Der Veken, Executive Director, Responsible Jewellery Council, Gaetano Cavalieri, President, CIBJO, The World Jewellery Confederation and Colin Shah, Chairman, GJEPC, sharing their views about ‘Perspectives from the Trade Associations’.

The WFDB adopted Guidelines on Responsible Business Practices, which includes the following: responsible sourcing throughout the supply chain, respect for human rights, fair labour practices, protection of the environment, adherence to AML and anti-terrorist finance regulations, and full disclosure on laboratory grown, treated diamonds or simulants.Later, the WFDB adopted Guidelines on Responsible Business Practices, which includes the following: responsible sourcing throughout the supply chain, respect for human rights, fair labour practices, protection of the environment, adherence to AML and antiterrorist finance regulations, and full disclosure on laboratory grown, treated diamonds or simulants. WFDB bourse members were called on to comply with these principles and if they failed, they would face disciplinary action. The Presidents’ Meeting was the culmination of a full week of events, which included the Dubai Diamond Conference, that featured the top leadership of the world industry. It also included the official opening of the Israel Diamond Exchange (IDE) office in the DMCC, a direct result of the agreement forged between the IDE and the DMCC after the signing of the Abraham Accords in 2020. All the events were hosted by DMCC Executive Chairman and CEO Ahmed Bin Sulayem, and were organized by Special Advisor Martin Leake and his staff.