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
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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