CIBJO marks centenary, examines priorities for future of natural diamond jewellery

CIBJO (Confédération Internationale de la Bijouterie, Joaillerie, Orfèvrerie des Diamants, Perles et Pierres) is the World Jewellery Confederation, the leading international organisation representing the entire global jewellery, gemstone and precious-metals supply chain. Founded in 1926 (as BIBOA in Paris), it is marking its centenary, which it celebrated by holding its annual congress at the Vicenzaoro September 2026 trade fair.

Established to represent the interests of the European jewellery trade, the organisation was restructured in 1961 as CIBJO with a global focus. Its members come from over 50 countries and, through its sub-organisations and commercial members, the association promotes the interests of over 7,200,000 businesses and 120 million workers.
 

CIBJO Lake

To mark the organisation’s centenary, on March 22, 2026 – World Water Day – a freshwater reservoir near the village of Luvariya in the Indian state of Gujarat was named CIBJO Lake in its honour.
The lake was created by the Dholakia Foundation, the philanthropic arm of the Hari Krishna Group, one of the world’s largest diamond producers. Its creation forms part of the Gagadiya River rehabilitation initiative, promoted by the foundation, which aims to improve water security in the drought-prone Saurashtra region of Gujarat. Covering 15 acres, the lake has a storage capacity of 156 million litres and will support five local villages, benefiting around 12,000 farmers by enabling mixed farming and raising groundwater levels.

Water scarcity is one of the most pressing challenges facing India, particularly in rural areas where agriculture is the main source of livelihood. Around 600 million people in the country already suffer from severe water scarcity and, with climate change accelerating, reliable access to water is becoming even more crucial for sustaining agricultural productivity and ensuring food security.

Cyrille Vigneron of Cartier

“This is an important moment to reflect and consider whether 100 years is a long time or not long enough. And whether the world’s oldest jewellery institution will survive in the future or not. Because we find ourselves at a historic juncture where we must face changes that are making our world even more difficult to predict. We live in a world of impermanence and uncertainty, where, paradoxically, we are more connected than ever yet find it harder than ever to understand one another,” said Cyrille Vigneron, president of Cartier’s culture and philanthropy division, at the opening of the congress, led by CIBJO’s president of more than 30 years, the Italian Gaetano Cavalieri, who was awarded the Order of Merit of the Italian Republic (Grand Officer) last April.

“Perhaps there are too many associations of this kind, and so perhaps some should disappear. The answer is that CIBJO is relevant and fundamental in safeguarding universal standards throughout the global gemstone and jewellery supply chain – and it will remain so for a long time to come, as it is a place where everyone feels at home and is welcome. Because, as the geopolitical order we have known for 80 years is fading away, we need places where we can understand everyone’s point of view. CIBJO offers precisely such a forum for finding solutions to the challenges triggered by the turbulence surrounding us.”
 
“CIBJO must be prepared for what we do not yet know,” he continued. “Take AI, for example – a technology that is changing so many things. I read a very interesting article about synthetic diamonds that can be modified at a ratio of one in a million, creating an electron that is not normally there, which in turn creates a specific vibration that can be used as a superconductor in supercomputers. When this process is scaled up for industrial production, synthetic diamonds will become one of the most essential components for enabling AI, giving rise to a new industry centred on synthetic diamonds. The world is less predictable than we think.”
 

Gareth Penny of Ninety One

 “In the diamond sector, the next century will not be won by companies with the brightest minds, nor by those with the largest marketing budgets, nor by those with the greatest number of retail outlets, but by those who understand and, above all, earn the trust of the next generation of consumers,” added South African Gareth Penny, former CEO of De Beers and now chairman of Ninety One plc and Ninety One Ltd, global companies with more than US$247 billion in assets under management, as well as chairman of EnQuest plc, a UK-listed integrated energy company focused on the responsible management and decommissioning of mature oil and gas fields.

“And this generation is asking us tougher questions than have ever been asked before,” he added. “Where does this diamond come from? Who has benefited from it? Has the environment been respected? Can I trust what you are telling me? And perhaps the most important question of all: Why should I choose a natural diamond? Let me be frank: our industry is in the midst of a full-blown crisis. Sales of natural diamonds have plummeted. Synthetic, or lab-grown, diamonds have captured the lion’s share of the U.S. engagement ring market. Consumer confidence, which we once took for granted, is no longer a given. The future is not looking bright, but all of us at CIBJO understand what has gone wrong, and I believe that together we can put things right.”

And so, the South African executive set out eight priorities which, in his view, will determine the survival and prosperity of natural diamond jewellery in the coming century.
 

The 8 priorities

According to Penny, the top priority for CIBJO members – and indeed for the entire sector – is to sell meaning, not minerals. An idea, not a product.

“After all, the natural diamond has never been valued for its chemical composition. It has been valued because humanity has decided that it represents life’s most important moments. This emotional significance remains our greatest strength,” said Penny, who previously served as chairman of MMC Norilsk Nickel, the world’s leading producer of nickel and palladium, and as a non-executive director and chairman of the Remuneration Committee at Julius Baer Group,​​ Switzerland’s leading independent wealth management firm.

“We are selling a symbol, a dream that shows I am loved, that conveys my success to friends – but does so with elegance – and that allows us to pass on something of lasting value from generation to generation. If we do not sell a dream, our market will disappear over time and, instead of discussing the product – as we seem to be doing constantly of late – we must inspire a dream.”
 
According to Penny, people do not buy what a luxury product is, but rather what that luxury product says about them. Outside of engagements, consumers rarely buy a diamond on its own. They buy diamond jewellery – a ring, a necklace, a bracelet or a pair of earrings – because they want the piece and what wearing it communicates about them.
 
“In numerous market surveys, jewellery set with natural diamonds continues to rank among the top three categories most desired by women in the world’s major markets. What has weakened is our sense of connection to the natural diamond and its association with an authentic commitment. Synthetic diamonds have been allowed to inherit the established visual language of the diamond engagement ring,” said the South African executive.
 
The second key point emphasised by Gareth Penny is the need to convey how natural diamonds change lives.

“A major misconception in today’s market is that buying jewellery set with natural diamonds benefits only the industry or the consumer,” he argued. “Nothing could be further from the truth. Responsibly mined natural diamonds contribute to the creation of schools, hospitals, roads, infrastructure, jobs, skills, entrepreneurship, national development…”.

He cited Botswana, once one of the poorest countries on the planet, which today stands as an example of how a responsible partnership in the diamond sector can transform a nation, because for decades the revenue from diamonds has supported education, healthcare, infrastructure, wildlife and one of Africa’s most extraordinary transformations.
 
Not to mention Namibia, a nation whose careful management of natural resources has demonstrated how mining can coexist with sound governance, environmental responsibility and long-term national benefits. Or Angola, a nation entering an exciting new phase with reforms, greater transparency and significant geological potential, with the opportunity to become one of the world’s leading sources of responsibly mined natural diamonds.

The third priority is transparency. “Technologies such as blockchain and digital traceability, and platforms such as Tracr, have shown what is possible,” noted Penny. “Imagine a consumer scanning a QR code and seeing the country of origin, the mine, the cutting process, environmental information, investments in the local community, the artisan who made the piece of jewellery and the retailer who sold it.”
 
The fourth priority is to make sustainability visible. The global diamond industry has invested billions in responsible mining, renewable energy, conservation, water management, biodiversity and community development.

“But consumers often know little about these achievements, and we need to move from doing good to demonstrating it,” said Penny, for whom the fifth priority is to ignite desire among younger generations. “The biggest challenge we face is not one of supply, but of demand,” he pointed out.
 
The sixth point is marketing, which must focus on results, creativity, inclusivity, entrepreneurship, and on families and modern values. Storytelling must “increasingly take place where the younger generations are focusing their attention: on Instagram, YouTube, TikTok, Reels, on social media and via creative brands,” said Penny.
 
The seventh priority: innovation and tradition. According to Penny, “innovation safeguards heritage. Artificial intelligence will personalise the shopping experience; digital traceability will accompany jewellery throughout its entire life cycle; blockchain will strengthen traceability; advanced analytics will optimise supply chains; and immersive technologies will transform consumer engagement.”
 
Five years ago, the precious metal in a piece of diamond jewellery accounted for around a quarter of its cost. “Today, with the current price of gold, this proportion can reach 70 per cent or more, often leaving no room for a significant natural diamond component. This is not a marketing issue, but one of design and production, and marketing alone cannot resolve it,” said the executive.

“Some retailers who once sold the majority of natural diamond jewellery on the mass market in the United States now sell almost none at all. If we want to rebuild this market, it means new materials, new manufacturing techniques, new designs, and approaches deliberately centred on natural diamonds rather than on the cheapest stone to set in a piece of jewellery.”
 
Eighth priority: De Beers. “De Beers’ current sale process marks more than just a change of ownership. It represents an opportunity to revitalise one of the most influential institutions the global jewellery industry has ever known,” emphasised Penny.

“For over a century, De Beers has done far more than simply mine diamonds. It has fuelled consumer desire, invested in category marketing, funded research, set standards and shaped trust. Its influence has extended far beyond its market share. Now the industry needs De Beers once again, but a De Beers that sees itself more as a successful business and as a guardian of the natural diamond sector,” said the former Anglo American and De Beers executive, who promoted responsible sourcing initiatives through the Kimberley Process, introduced the ‘Supplier of Choice’ strategy which shifted the sector from a supply-driven to a demand-driven model, and oversaw the creation of Forevermark, De Beers’ first consumer-facing diamond brand, launched in 2008, concluding that timeless values such as trust, standards, collaboration and integrity remain the greatest competitive advantage of CIBJO members.