JOHANNESBURG (miningweekly.com) – A sustainable future for the global diamond mining and manufacturing industry is dependent on its ability to work together and pull towards the common goal of industry value growth, says De Beers CEO Bruce Cleaver.
Speaking at a reception for customers of its Global Sightholder Sales business during the first Sight of 2017, he highlighted the importance of all parts of the diamond sector working together, following the unpredictable events of a volatile 2016.
“We have made some good steps in this direction, with greater collaboration across the value chain to stimulate demand, to share industry insight and to support pipeline efficiency. But we must continue on this path and increase the impact of our combined efforts to grow industry value,” he said.
Cleaver said it was vital for all parts of the value chain to benefit from industry progress, noting that: “None of us in the diamond industry can succeed sustainably in isolation. We must find ways to progress together and we must continue to view challenges and opportunities from each other's perspectives.”
Highlighting areas of opportunity for the sector, he noted that with the industry’s medium- to long-term fundamentals being so positive, there were clear opportunities for investing in financially robust and transparent diamond businesses.
“The commercial environment in which we operate is changing rapidly and . . . if we can find ways to compete more effectively in this evolving environment, then the change becomes a great opportunity.”
Alongside making a commitment to De Beers' continued investment in both proprietary and category-based consumer marketing activities, Cleaver noted that the group would launch a new and improved diamond verification instrument later in the year to help maintain trade and consumer confidence.
“Our new automated melee screening instrument, the AMS2 . . . will be a significant leap forward in the technological response to product integrity challenges and we believe the AMS2 will play a major role in bolstering confidence across the value chain.”