KP Chair interacts with representatives of Japan’s diamond trade industry

The UAE Kimberley Process Chair (KP Chair), Ahmed Bin Sulayem visited Japan to interact and hold talks with senior representatives of Japan’s diamond trade industry. The purpose of the discussions was to determine how these organisations can focus on generating awareness and raising consumer confidence in the KP and the broader diamond industry.

The KP Chair met with officials from the Tokyo Diamond Exchange Club – including the President, Michio Iwasaki, and the Secretary General, Yoshiaki Yamaka – and with the Vice President of the Japan Gem Society, Nilam Alawdeen. The KP Chair also met with senior representatives from Japan’s leading jewellers including President of Nagahori, Keita Nagahori; Associate Director at Tasaki, Masanobu Edisutani; Chairman of Kashikey, Hisao Kato; President of Galart, Yoshinobu Narukawa; and GM of the Jewelery Division at Seiko, Ueno Kenji.

Mr. Bin Sulayem said, “Japan is the only high profile diamond consumer market where millennial ownership is considerably lower (31 percent) than older customers (66 percent). As the former group buys the most diamonds on average globally, there is clearly substantial scope to raise awareness for the value of and confidence in these gems.” He pointed out that explaining the role of the diamond industry is supporting the livelihoods in source markets and efforts of the KP in ensuring the diamond supply chain is operating in an ethical manner are some ways to achieve the consumer confidence.

He further noted that, “While the KP’s primary function is to stem the flow of conflict diamonds, over the past year, we have also sought to strengthen the foundations of the broader industry through initiatives such as rough diamond valuation. As a result, seeking out ways we can support major diamond consuming markets appeal more effectively to customers by countering misconceptions about the industry is another area where we believe we can add value. This is why we are actively working with the representatives of the Japanese diamond industry to discuss ways we can educate the public about initiatives such as the establishment of a Permanent UN Secretariat and a common NGO fund,” added Mr. Bin Sulayem. He also identified the importance of Japan as one of the most important diamond consuming nations. Japan is the fourth largest consumer of diamonds in the world behind US, China and India. It made up 7% of the global diamond jewellery market share in 2014, amounting to $5.8 billion; meanwhile, it imported $18.3 million in rough diamonds in 2015.