Industry Outlook with David Brough: July

31 Jul 2024

by David Brough

London Diamond Bourse President urges integrity of supply chain

Diamond suppliers must take responsibility for the integrity of their supply chain so that Russian origin diamonds do not enter the UK market, the London Diamond Bourse’s new President, David Troostwyk, said.

“Before the invasion of Ukraine, Russian rough diamonds accounted for less than 1% of rough imported to the UK,” David told the NAJ in an interview.

“We are dependent on other countries, mainly India, to segregate any Russian mined diamonds when selling into G7 countries. 

“It’s important for these manufacturers to ensure the integrity of their supply, and we need to be certain that they can stand behind any warranty they give on the origin of their goods.”

The London Diamond Bourse, based in the capital’s diamond district Hatton Garden, supports the UK government’s efforts in backing Ukraine against Russian aggression, and understands the need for sanctions to be imposed, David said.

“I know there are plans to tighten these restrictions further, potentially through the use of scanning technologies,” he said

“My own view is that the system of warranties that is currently being used, much like the Kimberley Process, is really the best way forward. 

“It’s less intrusive, meaning less costly, both in money and time, and it puts the onus back onto manufacturing companies to be transparent, rather than forcing individual traders to bear the weight of provenance.”

The UK government’s appetite for continually tightening sanctions feels misplaced, said David, who became LDB President earlier this year. 

“Most diamond companies are keenly interested in servicing their clients’ needs and are not interested in illegal activities. 

“I see us all wanting to protect our livelihoods, and ensuring we take whatever measures we can to protect ourselves and our supply chain.”

Jewellery Show seminar programme

As in the previous two editions, Jewellery Outlook Editor David Brough will moderate several panel discussions about key issues facing the jewellery industry, on the first day of the Jewellery Show at Olympia, London, on September 1.

The themes will includes challenges and opportunities in the marketing of natural diamond jewellery, featuring LDB President David Troostwyk joining as a panellist; the future of sustainability in jewellery, with Iris Van Der Veken, Executive Director of the Cartier- and Kering-backed Geneva-based Watch & Jewellery Initiative 2030 (WJI 2030); and a panel about highlights of the magnificent jewellery auctions market in 2024 and the outlook for 2025, with former Bonhams CEO Matthew Girling.

The panel discussions on topical issues have become a well-attended component of the Jewellery Show, which is now emerging as the UK’s largest jewellery trade event following IJL (International Jewellery London).

WOLF book launch  

 WOLF launched a book relating the history of the family-owned business which now spans upmarket jewellery boxes to watch winders.

The book, co-authored by WOLF CEO Simon Wolf and jewellery editor Rachael Taylor, was launched at a gathering of invited guests from the family and the jewellery and watch industries at WOLF’s new store located at 72 Neal Street, Covent Garden, London, on July 11.

In a presentation and Q and A session, Simon and Rachael discussed highlights and key moments of the family’s history as the business developed over the past three centuries.

The book can be ordered via the WOLF website or in-store.

Source: David Brough