The diamond industry is in for another strong showing this year despite steep and rapid price hikes, said World Federation of Diamond Bourses (WFDB) President Yoram Dvash at the opening of the WFDB Presidents' Meeting in Dubai on February 24.

Dvash noted that the diamond trade recovered well last year from the effects of the Covid-19 pandemic, with many hubs producing excellent results.

“One of the most important factors that allowed the diamond industry to prosper during the difficult times was its flexibility and its willingness to change. That is saying a lot for an industry that has been considered traditional, conservative and even out of date,” he said at the first in-person meeting of the WFDB in two years. 

Successful pivots included the adoption of technology in business, the shift to Zoom meetings, the use of high-quality photography to replace the sending of goods around the world, and the buying and selling of rough and polished diamonds on the Internet.

Moving forward, the diamond industry needs to address issues of sustainability, transparency and compliance, said the WFDB official.

“The issue of ethical diamonds is no longer a demand of a small minority; it has become the norm requested by Gen Y and Z. More consumers are demanding to know the history of the diamond and its impact on local communities. They want to ensure they are buying ethical diamonds,” he said.

Dvash also urged full compliance with anti-money laundering regulations as well as full disclosure on lab-grown or treated diamonds.

“I believe in our ability to change and grow for the benefit of our industry,” he said.