Exec VP Paul Rowley says actions now will determine next 50 years.
De Beers’ executive vice president of Global Sightholder Sales, Paul Rowley, warned the diamond industry it has just a few years to prepare for the next 50 at the Dubai Diamond Conference today (April 21).
Rowley explained that all participants in the diamond industry must focus on targeted investments if they are to make the most of opportunities over the medium and long-term.
He described Dubai as an example of how to generate success in the diamond industry through a series of focused investments; rising from an unknown entity into a serious global player in the trade.
Rowley explained: “Starting with the consumer – as consumer demand is the only true source of value in the diamond trade – we invest in diamond equity. In the midstream, we invest in rough diamond sales and distribution excellence and improved efficiency, while upstream we continue to invest in production capacity expansion (with Cut 8, Venetia Underground and Gahcho Kue) as well as exploration, so that we so that we can help meet increasing diamond demand.”
He continued: “Here in Dubai, there has long been a clear appreciation of the need for timely action. Investments made many years ago are still paying off today. The leadership of this emirate saw the opportunity; they made the investments; and they are now reaping the rewards. At De Beers we continue to make investments throughout the value chain that we believe will drive our success in the years ahead and all participants in the diamond industry have the chance to do likewise.”
Rowley concluded by saying, however, that there was a limited window of opportunity for investments if benefits are to be maximised: “The industry will soon be faced with a period of heightened opportunity, the like of which we have not seen in more than a generation. In order to capitalise fully on the opportunities we need to focus now on the appropriate investments. There is no time to waste.”