London Diamond Bourse (LDB) President David Troostwyk has had a varied career in the diamond business. He began his diamond journey in Antwerp where he worked for several Sightholders. He then went on to establish one of the first online electronic diamond exchanges (DODAQ). He also created CiviGem a community platform for organisations within the diamond and jewellery industry aimed at fostering unity and community engagement.
In 2010, David returned to his native UK to set up Salotro. a diamond trading company. He joined the London Diamond Bourse in 2011 and later, The Young Diamantaires Group. David has been on the London diamond Bourse Council of Management since 2018 and Young Diamantaire Management Committee since 2019. His extensive expertise covers many areas of the diamond pipeline and he uses this experience to implement initiatives to bring the next generation of diamantaires through both organisations.
David sat down with Rough&Polished to discuss how his love of diamonds started, his career, the state of the diamond trade in the UK and globally, his involvement with the Young Diamantaires organization and his plans for the London Diamond Bourse.
Could you tell us about how you came to be involved in the diamond trade? Where did you start and how did your path develop?
My path into the diamond world was anything but conventional. I wasn’t born into a diamond family, nor did I have a preordained plan. I started out in the rough buying markets of Tanzania in the early 2000s, gaining first hand insights into the realities of the supply chain at ground level. From there, I moved to Antwerp where I undertook every diamond course I could and worked for several respected Sightholders. That blend of technical training and real-world experience across rough and polished has been the foundation of my career. Eventually, I returned to the UK to build my own business, Salotro, focused on polished diamond trading serving jewellers, jewellery manufacturers and dealers. I joined the London Diamond Bourse in 2011.
What is it about diamonds that led to your love of dealing in precious stones? What are your main areas of interest: rough or polished?
Although I started on the rough side of the business, my career and passion have always pointed me toward polished diamonds. There's something magical about working with jewellers/jewellery designers to source truly rare stones and being part of the process that brings beauty and emotion to life in fine jewellery.
I have a particular fascination with antique diamonds. Each old cut tells a story which tends to fascinate me, not just through its craftsmanship or cutting style, which reflects the techniques and aesthetics of the era it was fashioned in, but also through the settings they’re often found in. These pieces have witnessed decades, sometimes centuries, of love stories and celebrations. The idea that a diamond could have passed through generations, been worn at milestone events, or been gifted as a symbol of affection adds a connection to history and human emotion unlike anything else.
The deeper I’ve gone into this business, the more I’ve come to appreciate how vast and layered the diamond world really is. The rabbit hole of our industry is incredible, it touches on so many different areas, each a world of its own. From mining and gemstone manufacturing to diamond dealing, jewellery making, and retail, each part of the pipeline holds its own unique challenges and specialisations. Whether it’s understanding the intricacies of rough sorting, the precision of cutting and polishing, the creativity of design, or the psychology of selling, every corner of this trade offers something to get lost in. That's part of what keeps it endlessly fascinating!
How would you characterize the state of the UK diamond trade? What are the main challenges facing it?
The UK diamond trade has changed dramatically over the decades. Once a global powerhouse, with De Beers Sights held in London and a bustling secondary market of brokers and polished dealers, the industry gradually shifted. Post-war, Antwerp emerged as the dominant trading centre, and later at the end of the 20th century, the De Beers Supplier of Choice initiative led many UK wholesalers to downsize or close altogether.
Despite this decline, those of us who remain are still trading, driven by resilience and adaptability. Margins are tighter than ever, which means success now hinges on our ability to offer real value: expertise, trust, personal relationships, and tailored service. The local presence still matters. Even in today’s digital world, relationships remain at the foundation of the diamond trade.
The past few years have brought a wave of challenges: from COVID-19 and the brief post-pandemic jewellery boom to a sharp drop in consumer confidence. Add to that the slowdown in China, the rise of synthetic diamonds, especially in the bridal sector, geopolitical instability, and a shift in consumer values. The pressure is real, but so is our potential.
While we’re no longer a dominant trading centre, the UK remains a respected consumer market and a fashion capital. London’s high-end retail and cultural relevance give us a unique position. To stay relevant, we must modernise, collaborate, and educate. At the London Diamond Bourse, we’re actively evolving, diversifying revenue, offering new educational services, and launching initiatives like our Mentor Program and CiviGem to foster fresh networks and opportunities.
The UK diamond trade may be leaner, but it’s far from finished. By doubling down on our strengths, personal relationships, local knowledge, and a commitment to progress; we can continue to carve out a meaningful role in the global industry.
Due to De Beers’ London HQ, the British capital was at the heart of the global diamond trade for around a century. Clearly, it can’t recapture that former glory, but do you believe it still has a major role to play?
While London may no longer be the epicentre of the global diamond trade, it continues to play a vital and strategic role in the industry. Its importance today lies not in replicating past glories, but in leveraging the strengths that make it uniquely equipped for the modern diamond business.
The UK boasts one of the world’s most respected legal systems, particularly around property law, making London and the rest of the UK one of the safest places globally to store and trade high-value goods like diamonds and jewellery. Add to this the world-class logistics network, anchored by Heathrow Airport with direct access to hundreds of global destinations daily and you have an incredibly efficient hub for international trade.
London also stands at the centre of global financial and insurance services. Lloyd’s of London remains the heartbeat of jewellers block insurance worldwide, and the broader financial ecosystem offers a level of sophistication and support that few other cities can match.
Importantly, Brexit, while initially disruptive, has opened doors for greater commercial flexibility. There’s now an opportunity to create trade advantages that set the UK apart from its European counterparts. With active engagement from our industry and government, we can shape policies that better support diamond and jewellery businesses in this new landscape.
So, while London may never again be the dominant trading floor of the diamond world, it absolutely still has a major role to play. With its legal, financial, and logistical strengths, a renewed willingness to innovate and collaborate, London and the UK can remain a highly relevant and influential hub for the trade well into the future.
What are the changes you have made at the London Diamond Bourse? Are there further changes that you have in mind?
My focus at the London Diamond Bourse has been on modernising and ensuring it reflects the evolving face of our industry. One of the first changes was pushing for greater diversity in leadership. We now have a council that for the first time is 50% female, including our first-ever female Vice President, Charlotte Rose. That fresh perspective has already made a tangible difference in how we approach challenges and opportunities.
Securing a long-term lease for our headquarters was another major milestone. In an increasingly digital world, the value of face-to-face interaction, especially in a relationship-driven and tangible trade like ours remains vital. Our premises provide a secure, stable, physical space for the community to connect, collaborate, and trade with confidence.
We’ve also prioritised visibility and industry engagement. Initiatives like “Spotlight on Diamonds” at De Beers HQ last November 2024 brought together voices from across the supply chain, while our educational programs, such as Diamond Identification and Manufacturing courses are designed to upskill both newcomers and existing members. These efforts are part of a broader strategy to build a journey for the younger talent looking for an inspiring future career.
We’re working closely with government departments to explore new opportunities unlocked by Brexit. While initially challenging, this shift presents a chance to position the UK diamond trade more flexibly and competitively through improved regulation, trade incentives, and access to support services.
Looking ahead, our vision is to create a more connected, inclusive, and forward-looking Bourse one that blends heritage with innovation. Through mentorships, apprenticeships, and partnerships, we’re not just modernising a building, we’re rebuilding an ecosystem. And in doing so, we’re helping to secure a resilient and relevant future for the UK’s diamond industry.
It seems that the industry is becoming increasingly fractured at a time when community is needed so much. What is your view on this?
Before taking office at the Bourse, I conducted an analysis of both the London Diamond Bourse and the broader trade. I found that the fragmentation we see in the industry is deeply mirrored in our own institutions. Members are often disconnected, operating in silos, viewing each other as competitors rather than colleagues. This stems from traditional protectionism which made sense back then, but in today’s world, it actually hinders business and goes against the very foundation of our trade, relationships.
That’s why I launched CiviGem, first as an internal community platform for London Diamond Bourse members and now also as a FREE, global platform for the entire industry. From mining to retail, from gemstone dealers to jewellers, insurers, and logistics providers, everyone is welcome. The idea is simple: bring people together, foster relationships, collaboration, and rebuild a sense of strength and unity.
We’ve faced so much as of late, the rise of synthetics, the COVID pandemic, the war in Ukraine and the Middle East, sanctions on Russian goods, plummeting diamond prices, and now Trump-era tariffs emerging. These are systemic challenges, and we can’t overcome them in isolation.
Community isn’t a luxury it’s a necessity. That’s the spirit behind CiviGem and everything we’re doing at the Bourse. CiviGem is just one step toward a more connected, resilient, and collaborative industry. One where we lean on each other, share knowledge, and rise together. We must work together not as competitors, but as colleagues with a shared future. That means stronger relationships, open communication, and a collective approach to advocacy, education, and resilience. The Bourse is working hard to be a unifying voice, but real change requires all of us to pull in the same direction.
How would you characterize current conditions in the diamond market globally?
We’re in a complex and difficult cycle. Demand has dropped due to geopolitical instability, economic slowdown, especially in China and significant shifts in consumer behaviour. Synthetic diamonds have captured a major share of the bridal market, having put a downward pressure on natural diamond prices.
Still, natural diamonds hold unmatched emotional and symbolic value. Their rarity, origin, and billions-year-old history set them apart. The industry must work harder to tell that story, to communicate the magical wonder of mother nature, its sustainability, craftsmanship, and the community impact behind each stone.
There’s momentum in this direction. Organisations such as De Beers, Signet, the Natural Diamond Council, and trade bodies like WFDB, IDMA, and GJEPC are collaborating on promotion. But responsibility doesn’t just sit with the big players anymore. From mining to retail, we all need to contribute reducing production, supporting the trade, and championing natural diamonds in retail spaces.
The market’s been hit hard, but diamonds, the hardest mineral on Earth, are resilient. Those of us who remain committed must weather these short-term challenges and help shape a stronger future.
You are a member of the board of the Young Diamantaires organization. What would you say are its advantages? What are the benefits that it brings to its members and the wider diamond trade?
The Young Diamantaires (YD) is a truly inspiring global platform that connects and empowers the next generation of diamond and jewellery Industry professionals. What sets it apart is the genuine sense of community, mentorship, and cross-cultural collaboration it fosters. It’s a space where young people in the industry can ask questions, share ideas, and prepare for future leadership roles, whether in their own businesses or across the wider diamond trade.
One of my proudest YD achievements is the Renaissance School Project in Musina, South Africa, where YD members worked together to raise enough money from industry stakeholders to deliver real impact. Improving infrastructure, bringing electricity to classrooms, and building a new science lab which will benefit the local mining now and in generations to come. This initiative demonstrates that YD is not just about networking; it’s about making a lasting difference and looking beyond the diamond. The YDs refer to this as “More than a Diamond”.
The group provides an incubator for ideas and change-makers, a safe space for younger professionals, those under 50, to exchange ideas, challenge each other constructively, and support one another’s growth. From international trade shows to YD-organised trips, the connections made through the network are personal, lasting, and often transformative. It’s a place for collaboration and purpose drive action, and that’s exactly what our industry needs in order to thrive in the future.
How are lab-grown diamonds regarded by the British diamond jewellery buying public? Have they become increasingly popular as is the case in the rest of the world?
Lab-grown, or synthetic, diamonds have made significant inroads in the UK market, particularly in the bridal sector. Younger consumers especially are navigating a complex landscape where information about the distinctions between natural and synthetic diamonds is often unclear. The competing claims regarding affordability and sustainability have created a challenging environment for consumers trying to make informed decisions.
I’m a believer in natural diamonds; they hold a timeless appeal that synthetic stones can’t fully replicate. Their story, one of the wonders of the world, the billions of years it took for them to form deep within the earth, their rarity, and the powerful emotional symbolism they carry continues to resonate, particularly in a discerning market like the UK, where authenticity and heritage are highly valued.
As synthetic diamond production has scaled, prices have dropped significantly. While they initially entered the fine jewellery space, their pricing trajectory suggests they may ultimately find a more natural fit within costume/fashion jewellery or even technology applications and would add much more value in these spaces.
Looking ahead, I believe natural diamond demand will rebound. It's a matter of clear education, responsible storytelling, and helping consumers understand what truly sets a natural diamond apart.
What do you like to do outside of your diamond business interests?
I have a young family, and they’re at the heart of my life outside of work. Whether it’s making sure the kids are at their activities or just spending time together, family is a constant priority. I also enjoy cooking and travelling, both help me decompress and gain new perspectives.
As a season ticket holder, I try to catch as many Tottenham Hotspur football matches as my schedule allows (although less so this season for obvious reasons). Creatively, I’m always looking at other industries exploring synergies, drawing parallels, and finding inspiration that I can apply to my work in the diamond sector.
Philip Carter for Rough&Polished from London
