WDC President Feriel Zerouki addressing the opening of the 2024 Kimberley Process Plenary meeting in Dubai, UAE, on November 12, 2024. Picture: Supplied
The global diamond industry is seeking “essential reforms” as it grapples with significant challenges stemming from declining gem prices and the increasing scrutiny over conflict diamonds.
Feriel Zerouki, president of the World Diamond Council, yesterday delivered her opening address to the 2024 Kimberley Process (KP) Plenary Session with a compelling call for unity and action, stressing industry challenges and the need for essential reforms.
In her keynote speech, Zerouki emphasized the Council’s commitment to strengthening the KP - which brings together civic organisations, industry producers and government administrators - and promoting an equitable and sustainable diamond industry.
The global diamond industry has been struggling, with major producers affected by falling prices of the precious stones. Companies such as Anglo American are are proceeding to dispose of their diamond operations such as De Beers, leaving producing countries such as Botswana scrambling for a way forward.
There has also been disruption to the industry from lab grown diamonds that are threatening to wrest a significant portion of market share from real diamonds. Add in a push for producers not to market diamonds produced from conflict zones and the sum is an industry battling for survival on many fronts.
However, the World Diamond Council is committed to reforming the Kimberly Process to deal with some of the diamond certification issues that stakeholders are haggling over.
Zerouki admitted that the current year has been challenging for the global diamond industry and also emphasised week ahead of industry discussions around reforming the Kimberly Process that the platform was not perfect.
“The KP is far from perfect, but it’s also far from finished (and this week’s plenary session in Dubai) marking an end to a particularly challenging year for our industry,” said Zerouki.
The World Diamond Council was geared to pursue “genuine reform” of the KP.
“Our commitment to strengthening the KP is real, and we strive to bring about meaningful change for our industry and the communities it impacts,” explained Zerouki.
The World Diamond Council had achieved “a new level of transparency in the KP certification
Process” after moving away “from mixed-origin certificates and introducing a concept where certificates can list the specific countries of mining origin” for marketed diamonds.
Zerouki said their aim as the World Diamond Council, and their raison d’être for participating in the KP, was to promote and maintain an equitable trade for responsibly sourced natural diamonds, upholding a level playing field where all diamonds, particularly African diamonds, have fair access and an equal chance to succeed.
“Today, due to the narrow definition, the decision is being made outside of the KP on what a conflict diamond represents. It is independent members of industry who ultimately source the product and determine which diamonds represents their brand values and which origin lands on the approved list,” she said.
“This threatens the equitable framework we strive to build. The World Diamond Council wants to see the KP win. And people who want to see you win; will help you win. Remember that.”
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