Is Current Diamond Industry Turbulence Shaping a ‘New Normal’?
Industry players have found ways to cope with market conditions while working to reshape themselves in the face of emerging realities.
Partner Devansh Shah said the company recognizes the importance of maintaining industry confidence without compromising its core values.
This includes at present, a greater focus on the Indian market, which has remained buoyant, he noted.
Hari Krishna Exports also has fined-tuned its operations, including growing the network for its diamond jewelry brand, Kisna, in India.
Despite tough conditions overall, the company has announced an incentive program aimed at boosting productivity and enhancing the skills of its artisans.
“This has uplifted employee morale, encouraging them to improve their craftsmanship while receiving rewards for hard work,” a company spokesperson said.
Industry leaders also have welcomed the measures taken by leading miners—De Beers Group, Alrosa, and others—to regulate supply.
Polished diamond exports, meanwhile, were down 20 to 25 percent in value terms and 20 to 22 percent in volume terms year-over-year.
“The segment for smaller diamonds has been less affected, while certified goods have been hit more. Currently, we are seeing green shoots in some categories,” he said, meaning that certain categories are starting to show signs of recovery.
“These will have to be carefully nurtured going forward and it is likely that the annual Diwali break [in late October/early November] will be longer than usual this year,” Mehta continued, adding, “All eyes will be on Q1 2025.”
GJEPC Chairman Vipul Shah stressed that steps to self-regulate the supply side of the business must be combined with campaigns to boost consumer demand.
“At an industry level there may be some consolidation, while individual companies will have to ‘right-size’ their operations to optimum levels.” — Russell Mehta, Rosy Blue
The pending sale of De Beers also will almost undoubtedly affect the diamond industry’s future.
The increased allocation is one of the terms of the Botswana government’s new 10-year sales agreement with De Beers Group that was reached last July but, as of press time, has not been officially finalized.
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