The need for sustainable financing programmes to stimulate the growth and development of African diamond producing nations was highlighted at the Dubai Diamond Conference 2013, which was hosted by the Dubai Multi Commodities Centre (DMCC) and the Dubai Diamond Exchange last month.

The conference included a panel discussion led by diamond industry analyst and acclaimed author Chaim Even-Zohar, who discussed the changes in the industry over the past 20 years and the resulting implications on its financing model, the DMCC said in a media release.

“Established financiers are currently in competition with the rest of the world and need to continue demonstrating their relevance to the industry. Historically, the role of the banks has been to facilitate the diamond trade. Currently, however, the industry is facing increased pressure with regard to profitability and going forward, I believe the banks must demand that inefficiencies be 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,” Dubai Diamond Exchange chairperson Peter Meeus said.

The panel discussion was fol- lowed by a session entitled Dia-mond Hubs in the New Silk Route, which explored the challenges created as a result of the rising diamond centres in the East.
Angolan State-owned diamond mining company Endiama EP president and CEO Antonio Carlos Sumbula highlighted the current issues facing African diamond nations.

“There is a dire need for improved financial infrastructure and investment to support and develop 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.

“About 60% of Angolan ter- ritory is still open for prospecting and we welcome investors to develop these resources to the bene- fit of the people of Angola,” he said.