DiamondBuzz
Young Diamantaires transitions into a formal industry association
The Young Diamantaires, a vibrant and rapidly growing collective of diamond and jewelry professionals, has officially transitioned into a formal industry association. Based in Dubai, the organization now boasts a diverse membership of over 500 individuals across 25 countries. This development marks a significant step in the group’s evolution and further positions it as a forward-thinking force within the global diamond industry.
Founded in 2016 during the 37th World Diamond Congress in Dubai, the Young Diamantaires began as a discussion group with a mission to empower the next generation of industry leaders. With a strong emphasis on creativity, innovation, and inclusivity, the association is committed to driving positive change through professional development, sustainability, ethical practices, and the exploration of new opportunities in the diamond and jewelry sectors.
n a landmark move, the group has now been formally established as an industry association. This official recognition underlines its long-term commitment to shaping the future of the diamond industry. The announcement was accompanied by the election of its inaugural board of directors, comprising prominent leaders from key industry bodies across various countries:
David Troostwyk – President, London Diamond Bourse (LDB),Elodie Daguzan – Executive Director, World Diamond Council (WDC),Kevin Vantyghem – President, Vantyghem Diamonds,Melissa Smet – Executive Director, Syndicate of the Belgian Diamond Industry (SBD),Mike Asscher – President, Royal Asscher Diamonds,Rachel Sahar – Founder, R Sahar Diamonds,Shai Schnitzer – President, S Schnitzer Diamonds
This leadership team reflects the association’s global outlook and its commitment to representing diverse voices within the diamond community.
The Young Diamantaires represents a new generation of industry professionals united by a shared passion for diamonds as both a livelihood and a cultural cornerstone. Its members span continents and cultures, embodying a wealth of perspectives that contribute to its dynamic approach to problem-solving and industry development.
The formal establishment of the Young Diamantaires as an industry association marks a pivotal moment for the next generation of diamond professionals. With a strong foundation in innovation, ethics, and global collaboration, the organization is well-positioned to lead transformative efforts in the diamond and jewelry industry, ensuring its relevance and resilience for years to come.
DiamondBuzz
South African Task Team To Help Struggling Diamond Producers
The South African Government Has Partnered With Mining Industry Leaders To Form A Joint Task Team Aimed At Saving Jobs and Supporting Diamond Producers Facing Severe Market Pressures.
The quick intervention follows major disruptions in the local sector, including Petra Diamonds placing its Finsch mine under business rescue and De Beers announcing a two-year production pause at Venetia, the country’s largest diamond mine.
In a parliamentary reply on October 26, Minister of Mineral and Petroleum Resources Gwede Mantashe confirmed that the team—which includes the Minerals Council South Africa and local diamond producers—will develop strategies to help mines survive current economic headwinds.
The immediate focus is finding practical solutions to protect operations across the entire sector, especially junior and small-scale miners who are being hit the hardest,
Key Industry Challenges
The local diamond sector faces a combination of falling global prices, rising operating costs, and intense competition from lab-grown synthetic diamonds. Official figures highlight the severity of the crisis:
Production Downturn: South African diamond output dropped 19.5% year-to-date through August.
Commodity Slump: According to Statistics South Africa, diamond mining was the weakest-performing mining sub-sector in August, with output falling 23.0% in the three months ending August compared to the previous three months.
Significant Mine Reductions: De Beers reported a 37% year-on-year drop in South African production for Q3 2026 (down to 418,000 carats) as operations wrap up ahead of Venetia’s pause. De Beers expects zero further production in South Africa for the remainder of 2026.
Price Pressures: Lower market values and a strong South African rand reduced average tender prices at the Finsch mine from $56 to $47 per carat, making ongoing operations unviable under current conditions.
The task team will focus on measures to ease cost pressures and address global market shifts. Further details regarding the team’s specific work plan, timelines, and financial resources will be announced as proposals are finalized.
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