Angola and New York Connected Despite Vast Distance, Says DDC's Kaufman

(IDEX Online News) – Despite the huge geographical distance, there is a "vast area of common ground that exists between Angola and New York" due to the interconnectivity of the global diamond industry, Diamond Dealers Club of New York President Reuven Kaufman told the second day of the Angola Centenary Diamond Conference.

"All indications are that, over the coming years, the profile of the Angolan diamond industry will be far more prominent on our industry radars" due to the projected diamond supply shortfall, he explained at the Endiama-organized event marking 100 years since the discovery of diamonds in Angola.

"The relatively low increase in the growth of rough diamond supply is mainly due to the apparent absence of new and significant rough diamond sources coming on stream. But there is a country, which despite its 100-year presence in our industry clearly has only scratched the surface of its potential. I refer, of course, to Angola.

"As we know, Angola joined the exclusive club of African producers 100 years ago, but unlike most of its neighbors, circumstance and a difficult history prevented it from reaching optimal capacity. Not only was it under-industrialized, but compared to other countries in the region it was under-prospected. In other words, there are quite possibly massive quantities of rough diamonds that we do not know about.

"As it celebrates its centenary, the Angolan diamond industry is in a tremendously advantageous position, with apparently vast untapped diamond reserves and a market that is increasingly hungry for jewelry set with high-quality natural diamonds. The future is very bright. And because your future is bright, so is ours.

"That is just one of the reasons why Angola and Endiama are such important players in our modern-day industry. We must never lose sight of the fact that consumers have a choice. They do not need to buy diamond jewelry. There are other, attractive products that could catch their fancy. Modern consumers are also seeking a positive social content when they make a purchase, and particularly where a luxury product is involved. The tremendous sustainable economic contribution that diamonds can make in countries like Angola provides that context.

"The Angolan narrative needs to be heard in the consumer markets, and especially in the United States. Buyers of diamond jewelry need to appreciate the contribution of the world’s most popular gemstone to improving the lives and opportunities of millions of people in the mining countries," Kaufman concluded.