This November, I had the privilege of attending the Facets 2024 conference in Antwerp, the epicenter of the global diamond trade. The event brought together industry leaders, innovators, policymakers, and stakeholders to discuss the evolving landscape of the natural diamond sector and showcase its resilience, innovation, and commitment to a sustainable future.
Highlights from keynote speakers
Among the many inspiring voices at the conference were Botswana President Duma Boko and De Beers CEO Al Cook. President Bok's speech was a powerful reminder of the profound socio-economic benefits of the natural diamond industry, particularly in Botswana, where it has created thousands of jobs and funded national infrastructure projects.
CEO Al Cook emphasized De Beers' unwavering commitment to ethical practices and environmental responsibility. His progressive approach emphasized the importance of collaboration and innovation to ensure the industry remains dynamic and sustainable.
Debunking the Myths About Lab-Grown Diamonds
A key panel discussion looked at the rise of lab-created diamonds and misconceptions about their perceived social and environmental benefits. Although they are often promoted as environmentally and socially responsible, the reality is much more complex. The production of synthetic diamonds requires a significant amount of energy and can lead to job losses in African communities that depend on the mining of natural diamonds.
David Kellie, CEO of the Natural Diamond Council, made a compelling case for the need for greater transparency and consumer education. As he said, “No one sees the value in marketing until you take it away.” This loophole has allowed the lab-created diamond industry to dominate the narrative, a challenge that natural diamond stakeholders urgently need to address.
Reconnecting consumers to the natural diamond journey
One of the most inspiring insights from Facets 2024 was the emphasis on the need to communicate the remarkable journey of natural diamonds to the general public. From their breathtaking formation deep in the earth to their positive social and economic impact, the story of natural diamonds is one of authenticity, beauty and sustainability.
The industry must focus on sharing these stories more effectively and differentiating natural diamonds from synthetic ones by emphasizing their intrinsic and enduring values.
My takeaways from Facets 2024
Attending this event in person has strengthened my optimism about the future of the natural diamond industry. The collective commitment of industry leaders to address challenges, promote ethical practices and invest in sustainability was truly inspiring. Facets 2024 was a powerful reminder of the importance of collaboration and innovation to ensure the continued success of the industry.
For a deeper understanding of the natural diamond industry and its positive impact, I recommend reading Diamond Facts Report by the Natural Diamond Council
Also check out the short video I made at Facets 2024 and selected interesting parts from it:
