Dubai’s Regional Roundtable for Diamond Industry

At the recent ‘Watch & Jewelry Dubai 2006 exhibition,’ the Dubai World Trade Centre (DWTC), along with the Diamond Trading Company (DTC) brought together industry leaders to encourage an exchange of ideas within the region at the first-ever ‘Diamond Industry Roundtable’ forum.

At the conclusion of the forum, world diamond experts agreed that Dubai could become a world center for the diamond trade. “Dubai’s strong retail dominance among the Arab world along with its central location as the gateway to the Middle East, will allow it to become a global centre for diamond trading,” said Noora Jamsheer, CEO of Dubai’s Diamond Exchange (DDE). “The Arab world was a previously untapped market for the world and Dubai has allowed the region to connect with international trade.”

Discussions at the forum focused on the reasons behind the increased demand for diamonds globally. “At a time when the global demand for diamonds is at its greatest in history, an exchange of knowledge between industry leaders will help companies move forward towards retail efficiency, product performance, and larger market developments,” said Helal Saeed Al Marri, director general of the DWTC.

One of the participants, Nicoletta Danielle from the jewelry house Scintilla, said that this demand is owed to the strong supply of diamonds and a change in jewelry fashions. “In the past, the Arab world has been isolated from international trends but, with the growing globalization, Arab consumers are now aware of these trends and are embracing them,” said Danielle.

The DWTC said that as the premier jewelry exhibition in the region, it will take an active role in pushing the industry’s development.