The KP Chair, Ahmed Bin Sulayem, had a series of meetings with officials of the Tokyo Diamond Exchange Club, the Japan Gem Society and senior representatives from Japan’s leading jewellers during a recent visit to the country. The aim of these interactions was to determine how these organisations, all major stakeholders in the industry, can focus on generating awareness and raising consumer confidence in the KP and the broader diamond industry.
Japan is the fourth largest consumer of diamonds in the world behind US, China and India. It made up 7% of the global diamond jewellery market share in 2014, amounting to $5.8 billion; meanwhile, it imported $18.3 million in rough diamonds in 2015.
Said Bin Sulayem, “Japan is the only high profile diamond consumer market where millennial ownership is considerably lower (31%) than older customers (66%). As the former group buys the most diamonds on average globally, there is clearly substantial scope to raise awareness for the value of and confidence in these gems.”
According to him, “Ongoing demand in this market is critical to the long-term sustainability in the diamond industry, which is an issue all stakeholders must work together collectively to address.”
Bin Sulayem added that one way of achieving this is to show the role the diamond industry plays in supporting livehoods in source markets and strengthen consumer confidence in the sector by highlighting the efforts of the KP in ensuring the diamond supply chain is operating in an ethical manner.
During his tenure as KP Chair, Bin Sulayem had focused attention on the need to strengthen the foundations of the broader industry through initiatives such as rough diamond valuation. “Seeking out ways we can support major diamond consuming markets appeal more effectively to customers by countering misconceptions about the industry is another area where we believe we can add value. This is why we are actively working with the representatives of the Japanese diamond industry to discuss ways we can educate the public about initiatives such as the establishment of a Permanent UN Secretariat and a common NGO fund,” he stated.
Those who participated in the talks included Tokyo Diamond Exchange Club President, Michio Iwasaki, and the Secretary General, Yoshiaki Yamaka – and with the Vice President of the Japan Gem Society, Nilam Alawdeen. In addition, discussions were held with senior representatives from Japan’s leading jewellers including President of Nagahori, Keita Nagahori; Associate Director at Tasaki, Masanobu Edisutani; Chairman of Kashikey, Hisao Kato; President of Galart, Yoshinobu Narukawa; and GM of the Jewelery Division at Seiko, Ueno Kenji.
Following discussions in Japan, the UAE KP Chair also visited the Republic of Korea.
News Source : gjepc.org