The 41st World Diamond Congress kicked off in Singapore on July 13, with industry leaders and government representatives from major diamond-producing nations calling for renewed efforts to boost consumer demand for natural diamonds. Hosted by the Diamond Exchange of Singapore (DES), the Congress is being held in the city-state for the first time since 1988, from July 12 to 15 at PARKROYAL COLLECTION Marina Bay, bringing together representatives from across the diamond trade.
Looking Back, Moving Forward
Opening the Congress, Fabio Cascapera, Chair of the Congress Organising Committee and President of DES, reflected on the industry’s evolution since the previous Singapore Congress in 1988. “At that time, I was a young man, full of confidence about the future of our wonderful industry,” he recalled. “Now, two decades later, while I am not that young anymore and certainly not as light on my feet, I am still passionate about diamonds and thankful for what diamonds have done for all of us here.” Cascapera, who has been instrumental in shaping the diamond industry in Singapore, urged younger members of the industry to remain engaged with the sector, reminding them, “Don’t let anyone discourage you.”
Singapore’s Role and the Demand Challenge
Yoram Dvash, outgoing President of the World Federation of Diamond Bourses (WFDB), praised the event’s host, noting Singapore’s small bourse staging a great event. “Who thought that such a small bourse could stage such a great and magnificent event!” Dvash exclaimed, highlighting the city-state’s ability to punch above its weight in the global diamond trade.
Ronnie VanderLinden, President of the International Diamond Manufacturing Association (IDMA) and President of the World Diamond Council, highlighted Singapore’s role as an international trading hub. “Known as a global crossroads, Singapore perfectly mirrors the spirit of our industry, a place where brilliance, precision, and global connection come together,” he said, emphasizing the city-state’s strategic importance in the diamond industry’s vast network.
VanderLinden looked deeper into the challenge of reigniting consumer desire for natural diamonds. Over the past two decades, the industry has made significant strides in explaining and defending natural diamonds, proving their integrity, and investing in technology. However, in the process, the sector has lost sight of creating desire, he pointed out. This shift in focus comes at a time when consumer purchasing behavior is evolving, and laboratory-grown diamonds are emerging as competitors.
The comments come as the diamond trade grapples with changing consumer preferences and competition from laboratory-grown diamonds. Recent De Beers research found that non-bridal occasions accounted for three-quarters of US natural diamond demand in its 2026 consumer study, indicating a shift in purchasing trends. The research also revealed that Gen Z accounted for 23% of natural diamond demand value in the US, with social media playing a significant role in their purchasing decisions.
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For retailers, the discussion around storytelling relates to how natural diamonds are presented at retail, including their provenance, unique characteristics, and relevance to different purchasing occasions. By highlighting these aspects, the industry aims to create a compelling narrative that resonates with consumers and reinvigorates demand for natural diamonds.
African Producers Seek Investment and Engagement
Botswana’s Minister of Minerals and Energy, Bogolo Joy Kenewendo, and Angola’s Secretary of State for Mining, Jânio da Rosa Corrêa Victor, also addressed delegates during the opening ceremony. Both government representatives invited delegates to visit and invest in their respective diamond industries, highlighting the potential for growth and mutual benefit.
Kenewendo, in particular, stressed the need for the industry to communicate the role of natural diamonds to consumers effectively. She argued that the question is not whether natural diamonds can survive but whether they will continue to occupy a meaningful place in the hearts and minds of future generations. To ensure this, the industry must adopt transparency and authenticity, she said, appealing to consumers’ desire for identities, values, and narratives.
Kenewendo highlighted the natural diamond industry’s unique assets – authenticity, history, and an enduring product – and emphasized the importance of leadership, innovation, partnership, and collective effort in writing the next chapter of the natural diamond story. She expressed optimism about the industry’s future, provided it can effectively engage with consumers and demonstrate the enduring relevance of natural diamonds in a rapidly changing world.
The Congress, apart from addressing Asian markets and consumer demand, is also examining the role of consumer marketing, trade regulations, ethical sourcing, financing, and emerging technologies in shaping the global diamond trade. By exploring these critical aspects, the industry seeks to adapt to the ever-evolving market setting and ensure the long-term success of natural diamonds.
