Newly emerging economies such as India and China, as well as the Gulf States, would augment the strong potential offtake in the US, he said.

"However, the supply of newly mined diamonds will not be able to keep up with this growing demand, which means the price of diamonds must rise, and, in particular, the prices of better quality diamonds," he added.

Harry Winston Diamond Corporation chairperson and CEO Robert Gannicott said that, for the first time since the late nineteenth century, the diamond market was free of producer stockpiles as demand moved ahead of mine supply.

The wealth transfer associated with surging commodity prices, coupled with wealth creation in the emerging industrial economies of China and India, implied a strong demand for high-quality rough diamonds, jewellery and watches, Gannicott said.

De Beers group CFO Stuart Brown commented that the global diamond market was currently experiencing a very interesting period.

"Although the economics and sentiments of the industry are often difficult to understand, De Beers remains confident that the industry as a whole is moving in the right direction. We feel we are well placed to participate in the industry in a meaningful way in the future," he said.

Also speaking at the conference was Rio Tinto MD Bill Champion, who said that Rio Tinto's diamond sales and marketing capability was based on over 25 years of experience of sorting, valuing and selling the full range of rough and polished diamonds from three very distinct and different productions, including its iconic pink diamonds, which were world-renowned for their rarity and value.

"We are uniquely placed within the diamond industry to capture a wide range of value-creating opportunities to the benefit of our shareholders and stakeholders," said Champion.

This year's conference brought together senior executives from industry leading exploration and mining companies, as well as exciting emerging juniors, such as Rockwell Diamonds and Petra Diamonds. Apollo Diamond Gemstone, one of only two producers of synthetic diamonds, also gave a presentation at the event.