Diamond trade to thrive despite global economic crisis, say participants at Middle East

That was the consensus among high-profile industry leaders speaking on the opening day of the first Middle East-China Diamond and Jewellery (MECDJ) Summit, which was launched in Dubai today.

Organised by the Dubai Multi Commodities Centre (DMCC), the summit was inaugurated by Ahmed Bin Sulayem, Executive Chairman, DMCC and Mme Wang, Deputy Secretary General of Gemology Association of China.

"We cannot escape from the fact that these are tough times for the world," said Varda Shine, Managing Director, Diamond Trading Company, the marketing arm of DeBeers. "But it is in tough times that you find out what you are made of - and nothing is made of tougher, more enduring value than a diamond. It is clear that, in the coming years, markets across the Middle East, China, Hong Kong and the rest of Asia will play an immensely important role in ensuring that this industry continues to witness sustained growth."

"Growth is not only defined by numbers on a page or by percentage calculations. Growth is what I see around me today and everyday when I go to work. Even amidst the current global economic crisis, it is important for us to focus on the positive,"

Mr. Bin Sulayem noted in his opening address.

"And the positive fact remains that countries like China, India and many Middle East states will continue to register positive growth. Here in Dubai, in particular, which serves as a strategic crossroads for worldwide diamond trade flows, business-friendly policies have led to robust growth in Dubai's diamond trade. Today's event further reaffirms the emirate's unique position in this regard."

Mme Wang congratulated DMCC for successfully organising the first MECDJ Summit:

"We are pleased to participate and share the spotlight at this summit with other leading diamond centres of the world," she said. "An event of this magnitude will definitely provide our members with the opportunity to discover and develop new business relationships with other international high-growth markets."

Underlining the strength of that message, Dubai Multi Commodities Centre (DMCC) and Letšeng Diamonds also hosted the historic unveiling of a 478-carat white diamond recovered at Letšeng Mine in Lesotho in September of this year. The unveiling ceremony, which marked the first time the stone has been publicly viewed, was hosted by Ahmed bin Sulayam, and Clifford Elphick, Chairman of Letšeng Diamonds, the owner of the world renowned Letšeng Mine in Lesotho, where the diamond was recovered.

Over 800 leading international traders and retailers from the diamond industry gathered today to capitalise on the arising opportunities available in emerging markets such as the Middle East, China and Hong Kong. The first day of the MECDJ Summit additionally focused on marketing and branding initiatives undertaken by leading retailers and jewellers from across the world, including Damas International, Dhamani Jewels and Chow Sang Sang Holdings International.