The World Jewellery Confederation (CIBJO) said the diamond industry is currently going through a historic phase.
The confederation president Gaetano Cavalieri told the Zimbabwe diamond conference in Harare last week that the African continent should have been home to diamond trading for a long time.
"These are historic days for the diamond industry. Whereas once the compass always pointed north to London, today it points south,” he said.
“Quite possibly it always should have pointed in that southerly direction, but now there is no question."
Cavalieri also said that Zimbabwe and the other African producing countries understand that the business of diamonds was able to translate demand for luxury products into economic opportunity in developing countries.
He said while jewellery was a non-essential item, in certain parts of the world the industry was an essential business sector, providing a livelihood and looking after the wellbeing of literally millions of ordinary people.
“Our obligation is to ensure that our activities provide them with sustainable economic opportunities that will help secure the future of generations to come," said Cavalieri.
He said the gemstone and jewellery industries had an obligation to take care of all their dependents, reaching back to the very start of the chain of distribution.
CIBJO seeks to promote international cooperation in the jewelry industry and to consider issues, which concern the trade worldwide.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
