At a time when the diamond and gemstone trade is grappling with geopolitical uncertainty, shifting consumer priorities, and the rise of synthetic alternatives, the Doha International Diamond & Gem Conference (DIDGC) has kickstarted, with Qatar positioning itself as an unlikely, but ambitious contender in the global jewellery market.

Taking place at The Ned, Doha, the three-day event (January 29, 2025 -January 31, 2025) has drawn some of the biggest names in the industry, from mining giants to midstream manufacturers, retailers, and ethical sourcing advocates. But beyond the typical conference pleasantries and networking, DIDGC is raising bigger questions: Can the diamond industry overcome its fragmentation? Can Qatar carve out a place for itself in this traditionally Western-dominated trade?

A Grand Entrance for Qatar

The conference opened with a nod to Qatar’s aspirations in luxury trade, with H.E. Saad Bin Al Kharji, Chairman of Qatar Tourism, and Chair of the Board of Directors of Visit Qatar, welcoming delegates with an address that underlined the country’s ambitions. He was followed by a roster of high-profile speakers, including:

• H.E. Dr. Ahmad Bin Mohd Al Sayed, Minister of State for Foreign Trade Affairs

• H.E. Bogolo Joy Kenewendo, Minister of Minerals and Energy of Botswana

• Ahmed Bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre (DMCC)

• Feriel Zerouki, President, World Diamond Council (WDC)

• Kirit Bhansali, Vice Chairman, Gem & Jewellery Export Promotion Council (GJEPC)

Each address touched upon the key issues of the trade — supply chain disruptions, ethical concerns, and the pressing need for greater transparency — but the underlying theme was clear: the industry is at an inflection point, and Qatar sees an opportunity to play a role in its evolution.

De Beers’s Paul Rowley on Industry’s Existential Questions

The opening discussion — a Q&A with Rowley, moderated by industry veteran Richard Chetwode — was less a celebration of the past, and more an interrogation of the future.

Rowley, representing the world’s most recognisable diamond miner, acknowledged the industry’s “uncomfortable truths”—from over-reliance on legacy markets like China and the US, to rising competition from lab-grown diamonds. He emphasised that while natural diamonds remain desirable, the trade must do more to justify their value beyond nostalgia and tradition.

“The biggest challenge we face,” Rowley noted, “is ensuring consumers still see diamonds as relevant in a world where luxury is increasingly defined by experiences, rather than possessions.”

Why the Diamond Trade Remains a Club Divided

Following Rowley’s session, the first panel of the day, “Fostering Collaboration in the Diamond and Gemstone Sectors”, took on a problem that has long plagued the industry — fragmentation.

Unlike other luxury markets, where vertical integration is the norm — think LVMH’s grip on fashion, or Swiss conglomerates shaping the watch industry — diamonds remain a fractured ecosystem of miners, traders, manufacturers, and retailers, often working at cross-purposes.

Richard Chetwode led a discussion with:

• Yamkela Makupula, CEO, South African Diamond Producers Association (SADPO)

• Paul Rowley, De Beers Executive Vice President

• Naseem Banu Lahri, Managing Director, Lucara Diamond

• Emile Ekonda-Elasha, Founder of COOMIAP, an artisanal mining cooperative in the Democratic Republic of Congo

• Ronnie VanderLinden, President, International Diamond Manufacturers Association

The discussion exposed deep-rooted challenges: small-scale miners remain cut off from global markets, manufacturers struggle with tight margins and unpredictable demand, and retailers fight to keep diamonds relevant amid competition from other luxury sectors.

Ekonda-Elasha, representing artisanal miners in the DRC, was blunt in his assessment: “We are the beginning of this industry, yet we see the least benefit.” His words underscored a long-standing criticism — that the diamond supply chain remains disproportionately beneficial to large corporations, while leaving smaller players and mining communities at the mercy of market fluctuations.

Can Qatar Be More Than a Host?

As discussions unfolded, one question loomed: why Qatar?

The Gulf nation is not a mining hub, nor does it have a deep-rooted jewellery manufacturing industry. Yet, in a world where luxury markets are shifting eastward, Qatar is banking on its position as a rising centre for high-net-worth consumers, a stable geopolitical player, and a nation eager to diversify beyond oil and gas.

The conference’s later sessions will further explore this question, with discussions such as:

• Why Qatar? – A session featuring three leading Qatari executives discussing the country’s potential role in the global diamond and gemstone trade

• The Tech Advantage in Diamond and Gemstone Supply Chains – To address  how AI, blockchain, and other innovations could make diamond sourcing more transparent and consumer-friendly

• From Mines to Markets: A Social Development Revolution – Will examining whether diamonds can genuinely drive economic progress in producer nations, rather than just enriching corporations

Beyond the Boardroom: A Cultural Push

On January 30, delegates will leave the conference halls to experience a curated desert excursion at Heenat Salma Farm, Al Shaniya. The visit, designed to showcase Qatar’s cultural heritage, includes food tastings, artisan showcases, and workshops — a reminder that the country wants to be more than just a trade hub; it wants to be a destination.

A Defining Moment for the Industry?

As the conference progresses, the industry is left with some difficult, but necessary questions. Can the diamond trade break away from its outdated models? Will sustainability ever become more than just a PR slogan? Can Qatar genuinely carve out a role for itself in a business long controlled by Western financial centres and African mining giants?

Speaking at the event’s opening, Alex Popov, Chairman of the Organising Committee, admitted that pulling this conference together in just three months was a challenge, but he was optimistic about its long-term potential. “We hope this is not just an event, but the beginning of a long and meaningful tradition in Qatar,” he said.

With the diamond trade at a crossroads, DIDGC 2025 has succeeded in asking the right questions. Now, the industry must decide how it answers them.