Latest news with #FerielZerouki
Arabian Post
20-05-2025
- Business
- Arabian Post
Dubai Strengthens Global Diamond Trade with Over 1 Billion Carats Traded in Five Years
Dubai has solidified its position as a leading global diamond trading hub, with over 1.06 billion carats of rough and polished diamonds transacted through the city over the past five years. In 2024 alone, nearly 179 million carats were traded, underscoring the United Arab Emirates' pivotal role in the international diamond market. These figures were disclosed by Ahmed Bin Sulayem, Chair of the Kimberley Process and Executive Chairman of the Dubai Multi Commodities Centre , during the UN-mandated KP Intersessional Meeting held at Uptown Tower in Dubai. The event convened hundreds of representatives from governments, industry, and civil society, marking a significant milestone in the UAE's third tenure as KP Chair. Under the theme 'Year of Delivery,' the UAE's 2024 chairmanship focused on implementing substantial reforms within the KP framework. A notable achievement was the introduction of a blockchain-based digital certification system, transitioning from traditional paper certificates. This innovation aims to enhance the traceability and security of diamond transactions, ensuring greater transparency in the supply chain. Another significant development was the readmission of the Central African Republic into the KP. After a decade-long embargo due to internal conflicts, CAR's reinstatement followed a comprehensive review and improved security conditions. Ahmed Bin Sulayem's direct engagement with CAR authorities facilitated this process, reflecting the UAE's commitment to integrating diamond-producing nations into the global market responsibly. The KP also welcomed Uzbekistan as its 60th member, expanding the coalition's reach and reinforcing its mission to prevent conflict diamonds from entering the mainstream market. This inclusion signifies the KP's growing influence and the increasing global consensus on ethical diamond trading practices. In a move to institutionalize the KP's operations, a permanent secretariat was established in Gaborone, Botswana. This development aims to provide continuity and enhance the administrative efficiency of the KP, ensuring sustained efforts toward conflict-free diamond trade. The UAE's leadership also garnered international recognition through a resolution adopted by the United Nations General Assembly. Titled 'The Role of Diamonds in Fueling Conflict,' the resolution, co-sponsored by 37 countries, acknowledged the UAE's initiatives in promoting ethical practices within the diamond industry. Industry leaders and civil society representatives lauded the UAE's efforts. Feriel Zerouki, President of the World Diamond Council, emphasized the importance of innovation and transparency in maintaining the integrity of the diamond trade. Jaff Bamenjo, representing the Civil Society Coalition, highlighted the significance of engaging with diamond-affected communities to ensure equitable benefits from the industry.
Fashion Network
07-05-2025
- Business
- Fashion Network
CIBJO debuts new initiative to protect consumer confidence in jewellery industry
The World Jewellery Confederation (CIBJO) has launched a public consultation on 'The Blue List: The Responsible Jewellery Supply Chain Lexicon,' a draft glossary aimed at standardising terminology related to responsible sourcing and sustainability across the global jewellery, gemstone, and precious metals industries. The consultation opened on May 6 at UFBJOP's headquarters in Paris, coinciding with the OECD Forum on Responsible Mineral Supply Chains, the Gem and Jewellery Export Promotion Council reported on its website. It will remain open until September 6, concluding at the VicenzaOro show in Italy. The initiative is the result of more than three years of work by CIBJO's Nomenclature Committee, developed in response to growing calls for clearer marketing claims and unified definitions within the sector. 'The Blue List is a vital step toward greater consistency and credibility in how our industry communicates about responsibility,' said CIBJO president Gaetano Cavalieri, the GJEPC reported. 'By providing universally agreed language and guidance for substantiation, we are creating a common ground that strengthens trust both within the industry and with the public.' The working group includes industry stakeholders across the supply chain, from miners to retailers, as well as legal experts and trade associations. The final version of The Blue List will be launched at the CIBJO Congress in Paris this October and will be maintained as a living document, updated in line with regulatory developments. 'Language matters, especially when it relates to ethics and sustainability," said De Beers Group's senior vice president Feriel Zerouki.
Business Mayor
06-05-2025
- Business
- Business Mayor
World Diamond Council urges US to exempt natural diamonds from tariffs
The World Diamond Council (WDC) has urged the US administration to exempt natural diamonds from proposed tariffs, citing a potential risk to over 200,000 jobs and USD 117 billion in economic output. Tariffs could increase consumer prices and disrupt inventory supply chains across the country. WDC advocates for fair trade policies that protect US jewellery retail and manufacturing. Tariffs on diamonds would function as a consumption tax, raising prices on engagement rings, anniversary gifts, and other jewellery purchased by American families. Retailers are already reporting concerns about inventory pressures, and the uncertainty is beginning to translate into higher prices for consumers. An exemption for natural diamonds would help ensure stable supply chains, protect U.S. manufacturing competitiveness, and prevent added costs for American consumers. 'We support President Trump's drive for fair and reciprocal trade,' said World Diamond Council President Feriel Zerouki. 'The current tariff review has highlighted the need for fair treatment across the board. Our members are united in calling on the U.S. Government to exempt natural diamonds and on governments around the world to support the exemption reciprocally, ensuring that trade policies support jobs, competitiveness, and consumers. The diamond industry is aligned, and our members are engaging directly with officials to support a positive resolution.' Natural diamonds are not produced in the United States, but are vital to the health of the American jewellery industry, an essential contributor to the national economy. The U.S. jewelry industry generates more than USD 117 billion in annual economic activity in America and supports over 200,000 American jobs. U.S. jewellery sales total some USD 91.5 billion annually, while domestic jewellery manufacturing and exports contribute around USD 15 billion and USD 10.5 billion respectively, each year. Read More Vintage Legends Of The Road: The Best Classic Cars For Collectors The United States is the world's largest consumer of natural diamond jewellery, and the U.S. jewellery industry, long known for its creativity, entrepreneurship, and craftsmanship depends on continued access to these essential goods. Around 193,000 Americans work in jewellery stores in communities all over the country, with thousands more employed to support them. A tariff on natural diamonds would put all of this at risk.
Time of India
05-05-2025
- Business
- Time of India
World Diamond Council urges US to exempt natural diamonds from tariffs
World Diamond Council requests US government to exclude natural diamonds from tariffs. The council warns of potential job losses and economic disruption. Tariffs could raise consumer prices on jewellery. Retailers are concerned about inventory and rising costs. WDC advocates for fair trade to protect the jewellery industry. They highlight the industry's contribution to the US economy and jobs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Cons. Products 1. Gold jumps Rs 550 to Rs 97,350/10 gm; silver declines Rs 400 The World Diamond Council (WDC) has urged the US administration to exempt natural diamonds from proposed tariffs, citing a potential risk to over 200,000 jobs and $117 billion in economic output. Tariffs could increase consumer prices and disrupt inventory supply chains across the country. WDC advocates for fair trade policies that protect US jewellery retail and on diamonds would function as a consumption tax, raising prices on engagement rings, anniversary gifts, and other jewellery purchased by American families. Retailers are already reporting concerns about inventory pressures, and the uncertainty is beginning to translate into higher prices for exemption for natural diamonds would help ensure stable supply chains, protect U.S. manufacturing competitiveness, and prevent added costs for American consumers."We support President Trump's drive for fair and reciprocal trade,' said World Diamond Council President Feriel Zerouki. 'The current tariff review has highlighted the need for fair treatment across the board. Our members are united in calling on the U.S. Government to exempt natural diamonds and on governments around the world to support the exemption reciprocally, ensuring that trade policies support jobs, competitiveness, and consumers. The diamond industry is aligned, and our members are engaging directly with officials to support a positive resolution.'Natural diamonds are not produced in the United States, but are vital to the health of the American jewellery industry, an essential contributor to the national economy. The U.S. jewelry industry generates more than $117 billion in annual economic activity in America and supports over 200,000 American jobs. U.S. jewellery sales total some $91.5 billion annually, while domestic jewellery manufacturing and exports contribute around $15 billion and $10.5 billionrespectively, each United States is the world's largest consumer of natural diamond jewellery, and the U.S. jewellery industry, long known for its creativity, entrepreneurship, andcraftsmanship depends on continued access to these essential 193,000 Americans work in jewellery stores in communities all over the country, with thousands more employed to support them. A tariff on natural diamonds would put all of this at risk.
