“Women of the Diamond Industry” focuses on the issue of gender equality along the entire diamond and jewelry supply chain. The series provides a platform for women in the industry to tell their own stories and describe the particular challenges they have faced in their careers.
The 18th article in the series is authored by Latifa El Kostit, Director of Operations at Burgundy Diamond Mines in Antwerp, where she is responsible for the company’s rough sales operation.
THE CHALLENGES OF A MOTHER THAT MADE ME STRONGER AND MORE RESILIENT
‘Like the diamond, my path has not always been easy,’ writes Latifa El Kostit. ‘There were moments of doubt and setbacks, such as rejections and the constant struggle to find balance between work and personal life. But these challenges have made me stronger and taught me to be resilient.’
JANUARY 9, 2025
When I reflect on my professional journey today, I realize how much my background laid the foundation for who I am and what I have achieved. Born and raised in Antwerp, with Moroccan roots, I was always curious about the world around me. But, unlike many of my colleagues in the diamond industry, the path I took was never preordained.
After completing my secondary studies in economics and modern languages, I decided to study business economics, a field that has always appealed to me.
One of my first jobs after graduating was for a company selling office supplies. The work environment was quite pressured. I spent my days prospecting for new customers and on client visits, which often required that I then work on quotes and administration in the evenings. I enjoyed the job, but as a mother of two young children I came to feel that my schedule was coming at the expense of my family.
It was my preschooler who made me think. She would sometimes become exasperated when I urged her to hurry up. And then there was a Saturday when we went to the fair, which she absolutely loved, and couldn’t stop trying out the rides. When I said, “Just two more, and then we have to leave,” Zohra asked, “But why?” When I replied, “Because then the money will be gone,” she responded, “But that can’t be! You always say that you work for money, and you work so much. It can’t be that the money runs out!”
Finding balance and personal growth
And so my career in the diamond industry began in a surprising and unplanned way. Trying to balance my job with my personal life, I sought a temporary position with a 9-to-5 mentality, which I felt would provide me enough time for my family after work.
Through a temporary employment agency, I got job in the Antwerp diamond district at BHP Billiton, the mining company. I filled in for a secretary who was going on maternity leave for several months. The district was not far from my parent’s home, but I was not really aware of it previously. In Antwerp, if you are not part of the business, it is pretty-much hidden from view.
I quickly realized that I had become part of a reputable company, with strong values. BHP also provided opportunities for personal and professional growth. After several months, they extended an offer for me to join the staff permanently as a Diamond Controller.
In the role, I was responsible for inventory management, supporting the sorters, and collaborating with the sales team, where I learned the ins and outs of the auction system that BHP had developed. I eventually was able to advance to a managerial position.
The author during a visit to the Ekati Mine in Canada’s Northwest Territories (NWT).
Setting up a sales system
Today, I am the Senior Director of Operations at Burgundy Diamond Mines, where I am responsible for all day-to-day accounting and financial management, diamond control as well as the ongoing security and risk management at the office in Antwerp.
Burgundy is an end-to-end diamond company delivering gem-quality diamonds from its cornerstone asset, the Ekati Diamond Mine in Canada’s Northwest Territories, which originally was developed by BHP. Our corporate office is in Calgary, Canada, but the rough diamond sales office is in Antwerp.
My own sales team is small, but it includes a fantastically diverse group of individuals who consistently drive our success.
In 2022, I was handed the responsibility for sales within our company. It was a new challenge for me, and I approached the opportunity with some apprehension. But I quickly found my footing and became enthusiastic about the role.
Given my limited experience in selling rough diamonds, I decided to return to the familiar framework that I knew from my time of BHP Billiton. So we invested in developing an auction system, focusing on listening to our customers’ needs.
Why did I choose an auction system instead of a tender system?
The author in her office in Antwerp, examining the vivid yellow octahedron diamond, weighing 71.26 carats, which had been recovered from the Misery Pipe at the Ekati Mine in Canada.
The difference between an auction and a tender is the dynamic rounds. The reason it works is because customers have information on how many of their competitors are also bidding at similar prices to them, which is important not only in good markets, but in down markets as well. If companies are afraid and don’t know where the market is, the auction start prices can show them the way, providing them comfort that they are not alone when bidding. Auctions, we believe, carry forward the value proposition of transparency, fairness and trust.
The best achievement recorded during my time involved the sale of a 71.26-carat vivid yellow stone in 2022. It was one of finest fancy-colored stones ever recovered at Ekati and industry experts confirmed it is likely the largest fancy vivid yellow gemstone ever mined in Canada. We actually tried to tender it first, but with no information on what anyone else was bidding the best offer we received was around $3.5 million. When we put it up for the auction, it sold for $7 million.
This was because people pushed each other in multiple rounds higher and higher, until the maximum price was gained.
My journey reflected in that of a diamond
I have a deep appreciation for the uniqueness of rough diamonds and the journey they undergo from the mine to a finished piece of jewelry. The experience of seeing them in their natural state at Ekati has truly enhanced my understanding of their value and beauty, giving me a newfound respect for the industry and the hard work that goes into bringing these beautiful gemstones to market.
Each rough diamond has its own story, shaped by the geological processes that formed it millions of years ago. Factors such as the size, shape, clarity and color all contribute to its uniqueness and overall value. It’s fascinating how these raw stones are transformed into sparkling gems through cutting and polishing.
Like the diamond, my path has not always been easy. There were moments of doubt and setbacks, such as rejections and the constant struggle to find balance between work and personal life. But these challenges have made me stronger and taught me to be resilient. Thanks to this job, I’ve had the incredible opportunity to meet many fascinating people and travel to amazing places. I’ve visited the Ekati Mine in Canada’s Northwest Territories, explored India, attended the JCK Show in Las Vegas, and been to Dubai, among other destinations.
‘I have a deep appreciation for the uniqueness of rough diamonds and the journey they undergo from the mine to a finished piece of jewelry,” writes Latifa El Kostit, seen here on the left during her visit to Ekati.
I am grateful for those who have supported me in this industry, as well as my mother, who was also a tremendous support in raising and caring for my children. I also must acknowledge that I owe a great deal to my mentors with whom I have collaborated. They recognized my potential, placed their trust in me, and motivated me to grow. I am particularly grateful to Martin Leake from BHP and Kristal Kaye from Arctic Canadian, for their invaluable support and guidance.
My association with the World Diamond Council has also been rewarding, enabling myself and Burgundy to be associated with like-minded organizations and individuals, committed to the integrity of the diamond supply chain. It was also an honor when I was invited to join the WDC Audit Committee in 2023, as well as being a member of the WDC Board of Directors.
When I think about the future, I feel an optimistic energy. The world is changing rapidly, presenting new opportunities for innovation and creativity. I also see that more and more women are entering the industry, gaining the chance to make a difference and have our voices heard. It is essential to support each other and share experiences so that we can grow stronger together.
My advice to young women considering a career in this sector is to believe in yourself and follow your passions. Do not be afraid to take risks and try new things. Seek out mentors who can inspire and guide you and be willing to learn from both your successes and your failures.