Canada and Japan follow EU and USA in tighter sanctions against Russian diamonds

On March 1, a ban on the import of diamonds of Russian origin into the EU came into force; Canada and Japan also introduced similar restrictive measures. The United States previously introduced its own ban on Russian diamond products.

01 march 2024

Nornickel adopts updated environmental strategy

The board of directors of Norilsk Nickel has approved an updated environmental and climate change strategy, as well as the key focus areas for achieving carbon neutrality.

01 march 2024

De Beers ready for new G7 diamond import requirements

De Beers has confirmed that it anticipates no disruption to its diamond supply ahead of new diamond import requirements from G7 nations starting today (1 March).

01 march 2024

Lucapa incurs loss after tax of $17.2 million

Lucapa Diamond recorded a loss after tax of $17.2 million for the year 2023, compared to $15.1 million in 2022, after recognising a non-cash impairment charge of $13.4 million in respect of Mothae’s Property Plant and Equipment.

01 march 2024

EU significantly reduced copper imports from Russia

The EU member states purchased 62,372 tons of copper from Russia in 2023, which is 79% lower than the previous year, Vedomosti newspaper reports.

01 march 2024

DiaMondaine Diamantaires Club: Transparency a sine qua non for the diamond industry

27 november 2023

Agnes_Abdulahu_big.jpgTransparency is crucial for inspiring consumer and retailer confidence in diamond brands, according to DiaMondaine Diamantaires Club.

Agnes Abdulahu, the founder of the club, told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that fashion and art designers respond positively to transparency because they perceive diamonds as vehicles for storytelling and self-expression.

She said traceability, platforms, networking events, educational workshops, customer participation in the purchasing process, connecting mining companies with retailers, providing access to capital, and re-designing initiatives that no longer add value to the industry are all examples of transparency.

Abdulahu said they are also establishing an approachable industrial hub that facilitates connections between the luxury business, art, fashion, and jewellery sectors through high-quality events.

The interview snippets are provided below.


Why are you advocating for the diamond industry to be united?

Hard times give the community a greater sense of togetherness. We have been going through processes of change for a long time as an industry and as individuals, with businesses to be developed and ideas to be implemented in reality. Togetherness builds innovators, leaders, and relationships.

The unity creates opportunities and creative initiatives where others in the pipeline can be heard and connected with the world.

For this reason, we need platforms to mobilise stakeholders for short- and long-term objectives.

We are creating an accessible industrial hub to connect luxury business, art, fashion, and jewellery through premium events under one roof, which we named House of DiaMondaine.

House of DiaMondaine is a logical result of the DiaMondaine Diamantaires Club, which hosted the previous two editions of the diamond networking trips in Dubai and saw the result of unity and potential for cooperation.

Are there no adequate platforms for players in the diamond industry to share ideas?

I believe there are many platforms. I belong to some of these platforms.

Each city or country has its platform to deal with current trends in the industry, providing a solid and legitimate mode of working in the diamond industry.

Even though there are platforms, entrepreneurs and companies are always looking for more ways to express their ideas and needs.

It is not just about connections or creating a network. It is about being part of the industry in the complete sense and advocating through your existence for the betterment of the industry.

How better is this done if not through respectful and trusted networks?

Why is it important for the diamond industry to be transparent?

It is important because it creates trust, which translates into values for your brand with retailers and customers.

It creates a positive response from fashion and art designers. They want a diamond to be their way of expression.

Connection is the first step to love. How can we love diamonds if there is no trust in buying them?

We seriously must rethink our strategies for a trusted future. We are offering love and quality.

Transparency comes in different forms. It comes from traceability, platforms, networking events, educational workshops, engaging customers in the purchase process, connecting mining companies with retailers, providing access to capital, and re-designing initiatives that are no longer bringing value to the industry.

I read the other day an amazing quote about transparency, and it says: “While transparency reduces corruption, good governance goes beyond transparency in achieving openness. Openness means involving stakeholders in the decision-making process. Transparency is the right to information, while openness is the right to participation.”

How many diamond investor trips are you planning in 2024 and what is the importance of these events?

DDC is planning five premium events in 2024 to connect and educate the diamond industry with other stakeholders, and the other way around. We will be starting the year with the event in Dubai, then move to Holland, Cannes, and Luanda, and close it with Abu Dhabi.

The events will create a space for startups, businesses, projects, creators, designers, fashionistas, jewellers, artists, and entertainers to connect and do business in the future. House of DiaMondaine believes in that old Spanish saying, "Mi casa es su casa". We are here to ensure everyone feels safe and comfortable doing business.

Given the current challenges facing the diamond industry due to tough macroeconomic conditions globally, is it ideal timing for these trips?

It seems that nowadays, good and bad times do conflict with each other. While somewhere in the world times are very hard and sad, somewhere else times are very bright. While we cannot foresee or save the world, we can start with steps leading to long-term prosperity, where we can be attentive and listen.

How are you assisting entrepreneurs in the gemstone and precious metals sectors?

We are assisting entrepreneurs, companies, investors, fashion designers, and creators through premium gatherings, industrial events, networking trips, royal pavilions, film festivals, art and fashion shows, clubs we work with, platforms we belong to, and other instrumental roles in collaborative projects, forums, and organisations. We help stakeholders connect with capital, partners, markets, and solutions.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished