The Diamond Industry at a Crossroads

The diamond industry stands at a pivotal moment in its evolution, facing a convergence of internal pressures and external forces that demand new ways of thinking and operating.

I had the privilege of facilitating a strategic discussion at the CIBJO Congress in Paris that examined these challenges, from shifting global demand and the rise of lab-grown diamonds to the squeeze on mid-tier retail and growing supply constraints amid mine closures and traceability requirements. Panelists also explored how De Beers’ potential ownership change and the growing influence of producer nations such as Botswana and Angola could redefine the industry’s power structure.

The discussion concluded that while the trade faces contraction and changing consumer habits, its future will depend on stronger branding, more compelling storytelling, and renewed marketing efforts to reignite desire for natural diamonds.

Panelists included:

• Brijesh Dholakia – CEO, Hari Krishna Exports

• David Kellie – CEO, Natural Diamond Council (NDC)

• Didier Backaert – Director, Bonas Group

• Mahiar Borhanjoo – Chief Commercial Officer, De Beers

• Ravi Bhansali – Managing Director, Rosy Blue, and Vice President, Antwerp World Diamond Centre (AWDC)

• Wafa Jaffery – Senior Executive, Precious Stones, Dubai Multi Commodities Centre (DMCC)

• Yoram Dvash – President, World Federation of Diamond Bourses (WFDB)

Watch the discussion above or on YouTube: The Diamond Industry at a Crossroads

(Image courtesy Cibjo)