PHOTO
- The industry’s ability to reposition itself in line with shifting consumer preference is essential to securing future growth experts say
- Building on the discussion at the 2019 Dubai Diamond Conference, the report identifies four necessary steps to secure a future for diamonds
- The report is available to download in Arabic and English online here
Dubai, UAE: DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – published today its latest thought leadership report titled, ‘Diamonds Changing Forever’.
The report is available in Arabic and English, and can be downloaded online here:
https://www.dmcc.ae/thought-leadership-diamonds
The research reveals that the global diamond industry is at a major inflection point. Steadily decreasing prices, a decline in profitability and restricted access to finance has placed the industry under significant pressure. The rise of laboratory-grown diamonds and technological disruption in the form of automated manufacturing and grading, raise challenges for the road ahead.
“The diamond industry is facing significant pressure from a variety of sources, and has been in a period of stagnation for nearly a decade. Consumer preference is shifting, the supply and demand of rough diamonds is imbalanced, and access to finance is proving increasingly difficult for many traders. Furthermore, advanced technology and automation has ushered in a new wave of disruptive change that has challenged traditional business models. The combination of these factors has created a sense of confusion and uncertainty in the market however, there is cause for optimism,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
“DMCC published this report to provide direction as it believes the long-term economic outlook for diamonds is positive. Our research highlights that in order to secure sector growth, the industry must work together, embrace innovation, harness technology and focus on the value proposition to customers. Looking ahead, DMCC will continue to work with partners to drive the diamond sector in Dubai, and positively impact the international diamond trade as a whole,” he added.
The report identifies four necessary steps for the international diamond industry to take collectively in order to secure its future: ‘Develop a new narrative’; ‘Refocus on branding’; ‘Differentiate the product’ and ‘Surpass competition in retail’.
Diamond trade in Dubai has grown exponentially, and the emirate has a strategy in place to become the world’s largest international diamond trading hub in the next five years. In 2003, diamond trade in the emirate stood at AED 13.2 billion (USD 3.6 billion) and in 2018, trade had risen to AED 92 billion (USD 25 billion). In 2018, the Dubai Diamond Exchange (DDE) in Almas Tower alone held 29 diamond tenders, valued at over AED 1.2 billion (USD 330 million), a 75 per cent increase from the previous year.
In September 2019, DMCC unveiled the redesigned and upgraded Dubai Diamond Exchange (DDE) auction facility, the world’s largest diamond trading floor located at the Almas Tower in Jumeirah Lakes Towers, Dubai, UAE.
-Ends-
Media Enquiries:
DMCC
PR & Corporate Communications
pr@dmcc.ae
About DMCC
Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future.
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
