The natural diamond industry needs greater collaboration across the value chain, stronger consumer communication and common standards, according to World Federation of Diamond Bourses (WFDB) President Mehul Shah, who outlined eight strategic priorities during a Natural Diamond Council (NDC) panel at Jewellery & Gem WORLD (JGW) Hong Kong 2026.
Speaking on “Reshaping Value across the Natural Diamond Supply Chain”, a panel organised by the NDC in collaboration with the Diamond Federation of Hong Kong, Shah called for greater unity, standardization and proactive consumer protection.
Shah called on the industry to move beyond treating diamonds primarily as commodities, with greater emphasis on branding, jewellery design, craftsmanship, innovation and storytelling. He argued that the industry needs to sell the artistry and emotional value surrounding jewellery rather than the stone alone.
He also highlighted the need for closer integration between mines, manufacturers and markets, describing mine-to-market transparency as increasingly important. Blockchain, traceability and tracking systems, he said, can strengthen accountability and trust across the supply chain.
Shah also called for greater investment in consumer-level marketing and stronger cooperation between the NDC, trade bodies and local jewellers.
He pointed to the influence of films and media on consumer perceptions and urged the industry to take greater ownership of the natural diamond narrative by communicating its responsible, ethical and emotional attributes directly to consumers.
On natural and laboratory-grown diamonds, Shah argued that the two should be treated as distinct categories rather than simply competing products. He also suggested that lab-grown diamonds could act as an entry point to the broader diamond category, with consumers potentially moving towards natural diamonds as their purchasing power increases.
Consumer protection formed another major part of the address. Shah called for clear declarations identifying diamond categories across invoices, certificates, branding and marketing, including the use of local languages.
He urged the global diamond industry and trade bodies to present a unified position to governments on appropriate consumer-protection standards.
Shah also called for greater standardization of diamond grading, with trade bodies, laboratories and governments working towards a regulated framework.
He argued that reducing differences between laboratory grading systems could help limit consumer confusion and strengthen confidence in diamond values.
Another proposal was a globally registered mark of authenticity for natural diamonds, comparable in concept to the Woolmark for wool or hallmarking for gold. The proposed mark would give consumers an immediate indication of authenticity while reinforcing the distinct identity of natural diamonds.
Shah concluded by calling for a more integrated industry, describing the value chain from mining and manufacturing to grading and retail as one interconnected “diamond family”.
“The future lies in collaboration,” Shah said, highlighting authentic storytelling, technological innovation, consumer confidence and unified industry action as key areas for the sector.