The Dubai Diamond Conference (DDC) ended on a high note on October 17, with high-level industry officials, businessmen and other stakeholders discussing a number of pertinent issues in the diamond trade, including sustainability and ethical business.
DDC 2017 was organised by the Dubai Diamond Exchange (DDE), a Dubai Multi Commodities Centre (DMCC) platform.
In his keynote speech, former UK Prime Minister David Cameron touched on a range of issues, particularly sustainability and ethics. “Responsible capitalism is what I believe in. It’s the next logical step. Big businesses need to do far more to deliver a fair economy and environment. Business needs to be fair, open and transparent,” noted Cameron.
He cited a big opportunity for the industry 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,” he continued.
Other issues discussed at DDC 2017 included challenges affecting the midstream diamond sector; the importance of synthetic diamond disclosure; credit security and transparency; and innovation. There were also talks about updates on the KP reform and future initiatives; the impact of value added tax or goods and services tax on wholesale diamond trading; and the role of diamond trading centres in creating global wealth, among other topics.
According to DDE Chairman Peter Meeus, the third edition of the DDC 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. The conference provided an opportunity to build relationships between companies and governments in producing and consuming countries further highlighting the pivotal role that Dubai plays in the global diamond trade for diamonds.
The two-day event also saw the official launch of the Nemesis International diamond cutting and polishing factory.