Sightholders of the Diamond Trading Company (DTC), the rough diamond distribution arm of De Beers, met last week at London's Mandarin Oriental Hotel for the annual DTC Business Excellence Seminar (BES). This year's seminar, hosted by DTC CEO Varda Shine, was titled "Operating in the New Normal."



In her opening remarks, Shine explained that the concept of the New Normal reflected new economic realities imposed on businesses as well as increasing opportunities afforded by seeking to adapt to the developing landscape.

If companies are to succeed, Shine noted, evolution should be the watchword. In that spirit, DTC - the largest rough diamond supplier in the world - has introduced its latest change to the Supplier of Choice distribution policy.

Shine credited Gareth Penny’s "foresight and determination to make sure the diamond industry evolved and remained 'up to diamonds," adding that it is due to him that there are so many opportunities for success.

Penny discussed the development of the Supplier of Choice and the challenges that have been addressed over the past decade.



Penny was followed by four expert guest speakers: Dr. Tore Opsahl, Research Associate at Imperial College Business School, on the role social networks play in spurring business growth; Dr. Andrew Scott, Professor and Deputy Dean at London Business School, on how economies recover from downturns and how financial problems in developed nations move to emerging countries; Dr. Gemma Calvert, Professor of Applied Neuroscience at the University of Warwick, on the neurological aspects of consumer behavior; and Dr. Graham Baxter, Associate Director at the International Business Leaders Forum, on the importance of corporate social responsibility and its impact on consumer confidence and the bottom line.



Shine concluded the seminar by addressing the fragile state of the global economy and noted that too heavy borrowing could have a negative effect. She said that as the diamond industry continued to seek new opportunities in the New Normal, emerging markets would take on greater importance.



Shine stressed that corporate responsibility was necessary and not optional, and that corporations should seek partners in corporate responsibility activities. Lastly, Shine said that consumer purchasing habits were more affected by emotional than rational decision making, and that the diamond industry marketing should play to the emotional factors.