The second day of the Dubai Diamond Conference 2013 (‘DDC 2013’), hosted by the Dubai Multi Commodities Centre and Dubai Diamond Exchange, began with highlighting the need for sustainable financing programmes to stimulate growth and development for the African diamond producing nations.

A panel led by diamond industry analyst and acclaimed author Chaim Even-Zohar discussed the changes in the industry over the past 20 years and the resulting implications on its financing model.

Peter Meeus, Chairman, Dubai Diamond Exchange, said: "The established financiers are now in competition with the rest of the world and need to continue to demonstrate their relevance to the industry. Historically, the role of the banks has been to facilitate the diamond trade. However, the industry is now facing increased pressure on profitability and going forward I believe the banks must demand that inefficiencies are addressed. This will be particularly important as emerging diamond markets, such as Botswana, work to develop their potential and establish themselves as reliable industry partners.”

Panel participants included Mr. Kishore Lall, Managing Director, Global Head, Diamond & Jewellery/Wholesale Banking – Origination & Client Coverage, Standard Chartered Bank; Kurt Looyens, Senior Vice President, Global Head Business Development; and Chief Strategist for the International Diamond & Jewellery Group with ABN AMRO Bank N.V and Mr. Dirk Dullaert, Senior Vice President, Head of International Relations of Antwerp Diamond Bank.

This was followed by a session on Diamond Hubs in the New Silk Route, which explored the challenges created as a result of the rising diamond centres in the East.

Antonio Carlos Sumbula, President and CEO of ENDIAMA-E.P., highlighted the current issues facing African diamond nations. He said:

"There is a dire need for improved financial infrastructure and investment to support and grow mining operations in Africa and Angola in particular. While we have benefited from public support, additional steps need to be taken to encourage the private sector to invest in diamond mining operations and companies. Around 60 per cent of the Angolan territory is still open for prospecting and we welcome investors to develop these resources for the benefit of the people of Angola.”