Qatar has made its entrance into the diamond trade with the Doha International Diamond & Gem Conference (DIDGC), signaling the country’s ambition to become a significant player in the global jewelry market. As industry leaders gather to discuss supply chain transparency, pricing issues, and shifting consumer demand, Qatar is positioning itself as a potential hub for luxury trade, at a time when the diamond industry is facing crossroads.
Taking place at The Ned in Doha from January 29 to 31, 2025, the three-day event has attracted major figures from across the diamond and gemstone sectors, including mining giants, manufacturers, and advocates for ethical sourcing. Beyond the usual conference networking, DIDGC is raising big questions: Can the fragmented diamond industry come together? Can Qatar, which lacks the traditional mining and manufacturing base, establish itself in a market historically dominated by the West?
Qatar’s Grand Entrance
The conference opened with a statement from H.E. Saad Bin Al Kharji, Chairman of Qatar Tourism and Chair of Visit Qatar’s Board of Directors, who welcomed delegates and highlighted the country’s growing ambitions in the luxury sector. Key speakers included 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, and prominent figures from the Dubai Multi Commodities Centre, the World Diamond Council, and more.
Each speaker addressed critical issues in the diamond trade, such as ethical concerns, supply chain disruptions, and the demand for greater transparency, with a consistent theme emerging: the industry is at an inflection point, and Qatar is ready to step in and play a key role in its evolution.
De Beers CEO Reflects on Industry Challenges
The event’s opening session featured a discussion with Paul Rowley, Executive Vice President of De Beers, moderated by industry veteran Richard Chetwode. Rowley acknowledged the "uncomfortable truths" facing the diamond industry, including the over-reliance on traditional markets like China and the U.S., and the increasing competition from lab-grown diamonds.
Rowley stressed that while natural diamonds still have appeal, the industry needs to do more to justify their value in a luxury market that is increasingly defined by experiences rather than material possessions.
Addressing the Diamond Trade’s Fragmentation
One of the most pressing issues discussed was the fragmentation of the diamond trade. Unlike other luxury industries with vertical integration, the diamond sector remains a complex, divided ecosystem with miners, traders, manufacturers, and retailers often working at cross purposes.
The panel, which included representatives from De Beers, South African Diamond Producers, Lucara Diamond, and artisanal mining cooperatives, revealed that small-scale miners continue to be excluded from global markets, while larger corporations dominate the supply chain. Artisanal miners, in particular, are often left with little benefit despite being at the start of the diamond production process.
Can Qatar Be More Than Just a Host?
As discussions continued, one question remained: Why Qatar? While the country is not a traditional mining hub, Qatar is leveraging its growing luxury market, geopolitical stability, and desire to diversify beyond oil and gas to carve out a niche in the diamond industry.
Qatar’s growing presence in the diamond sector was explored in sessions like "Why Qatar?" featuring leading Qatari executives discussing the country’s potential, and "The Tech Advantage in Diamond and Gemstone Supply Chains," which addressed how AI and blockchain could improve transparency in diamond sourcing.
Beyond the Conference: A Cultural Push
Delegates at the conference were also treated to a cultural excursion at Heenat Salma Farm, where they experienced Qatar’s rich heritage through food tastings, artisan showcases, and workshops. This cultural push reflects Qatar’s desire to position itself as more than just a trade hub, but also a destination for luxury and culture.
A Defining Moment for the Diamond Industry?
As the conference unfolded, the diamond industry faced some tough questions: Can it break free from outdated models? Will sustainability move beyond a buzzword? Can Qatar genuinely carve out a space in a business historically controlled by Western markets and African mining giants?
With DIDGC 2025, Qatar has raised the right questions. The industry now must decide how to answer them, and whether this ambitious nation can truly shift the diamond trade’s global center of gravity.