Diamonds
Dubai's move to monopolise trade data causes alarm among dealers

By Zélie de Crécy

Published on 21.04.2026 at 05:00 GMT Reading time 2 min

Using a new traceability tool called Verifico, the UAE diamond exchange plans to store a record of all global transactions of these precious stones. Yet this centralisation is raising concerns within the sector.

This article may be accessed by subscribers

In order to ensure high-quality and independent journalism, Glitz relies solely on subscriptions from its readers, with no advertising, no events and no consulting work.

Several offers are available depending on your particular reading needs

Consult our offers

Do you want a free trial before subscribing?

Create your free account

Discover our work by making use of the following possibilities: daily newsletters, a selection of free articles, keyword alerts.

Do you want a free trial before subscribing?

create a free account

Spotlight | De Beers
With no buyer in sight, the diamond giant trims client list

Around 20 diamond dealers and jewellers were informed last month by De Beers that they would no longer be invited to purchase diamonds from the company. This is a bombshell decision, coming at a time when the firm is producing fewer and fewer stones and struggling to find buyers.

Subscribers only South Africa Entourage 14.04.2026

Contending with difficulties on several fronts, De Beers has cut ties with a third of its sightholders, retaining only the biggest buyers.

Diamonds
How Iran conflict forces gemstone traders to sidestep Dubai

With Iranian attacks causing auction cancellations and grounding shipments of precious stones, players in the international diamond industry are looking for ways to circumvent the business's Emirati nerve centre.

Subscribers only UAE Entourage 10.03.2026

Place Vendôme jewellers open channels with Angola

State-run Angolan companies are hoping to expand into the French capital's prestigious diamond market.

Subscribers only France Entourage 05.02.2026

In Focus
Diamond industry at odds over funding its global lobbying and advertising

The Natural Diamond Council, set up to counter the growing threat posed by lab-grown stones, is short of cash. It wants to impose a levy on rough diamonds to pay for its expensive advertising campaigns, but disagreements over who should foot the bill are delaying implementation.

Subscribers only Europe, United States Entourage 22.01.2026

De Beers has pledged to stump up $8m to help the Natural Diamond Council lobby against lab-grown stones.

Diamond lobby eyes bilateral deals to limit US tariffs impact

The World Diamond Council failed to reach a comprehensive tariffs exemption deal for the sector with the United States. It is now encouraging diamond-producing and -cutting countries to try to strike bilateral agreements with the Trump administration.

Subscribers only Belgium, United States Entourage 13.11.2025

Headlines

The complex business arrangements of 49-year-old Brit Steve Dellar failed to put the French taxman off his scent.

Front Row French taxman homes in on Gérald Marie's ex-business partner Steve Dellar Kering Gucci set to vacate prime real estate on Avenue Montaigne Jacques Marie Mage The clear-sighted investors behind the ultra-luxury eyewear specialist Fashion Week Luxury concierges offer their clients the full VIP treatment Puig Dividends bounce back despite Lauder merger flop

Diamonds
Dubai's move to monopolise trade data causes alarm among dealers