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World Federation Of Diamond Bourses

Encouraged by the JCK Show 2024

Dear friends,

I just completed a month-long visit to the United States, which included meetings and discussions with colleagues in New York and Los Angeles, as well as participation in the JCK Show in Las Vegas. Many of the WFDB bourse presidents attended the show and it was great to meet up with them again.

I came away from the JCK show and from my visit to the US encouraged about the future of the diamond industry.

It’s clear that the diamond industry in the US, and elsewhere, is concerned about a number of unresolved issues: the natural diamond market vs lab grown, the impact of the possible sale of De Beers and the implementation of the G7 sanctions on Russian diamonds.

But on the positive side, the JCK Show was extremely lively and well attended.  While some veteran exhibitors were absent, there were many new ones, which points to a natural turnover. The atmosphere among diamond exhibitors was positive. Transactions took place and sales were made. In summary it was an encouraging show. 

During the show, De Beers held a breakfast for sightholders and President Al Cook presented some very positive forecasts for the company and the diamond industry.  He also revealed that De Beers has made a strategic decision to stop creating lab-grown diamonds for its Lightbox jewelry brand, good news for the natural diamond trade. I believe that other synthetic producers will follow.

Another positive development is that De Beers is launching campaigns in partnership with large retail chains, such as Signet in the US and Chow Tai Fook in Asia, specifically to promote natural diamonds, and it will offer support in training staffs in how to sell natural diamonds.

In Las Vegas, I was also impressed with the work of the Natural Diamond Council, which presented its plans to launch marketing campaigns of its own with retail partners.

After the show, I visited the Los Angeles DCWC, which was a very encouraging experience as well. You can read about my visit there below.

In summary, I feel that although we still have our challenges, prospects for the diamond industry are looking up.

Best regards,
Yoram Dvash

Read More : President's Letters