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.
The Latest
Estimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
The highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
Carrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
The high jewelry collection features 14 one-of-a-kind pieces, with serpent and ribbon motifs winding their way through the collection.
While no reputable jeweler would knowingly sell lab-grown stones as natural, it's a growing possibility.
A federal judge gave Benjamin Preacher 59 days in jail, plus 10 months of home confinement and two years of supervised release.
In a CNBC interview, CEO Tehmasp Printer discussed the IPO in India and what declining lab-grown diamond prices mean for the company.
The offering included vintage Rolexes, timepieces worn in “Titanic,” Steve McQueen's watch, and a special Citizen pocket watch.
The 13-piece “Stephanie Gottlieb x Studs” collection is the piercing studio’s first fine jewelry offering to feature the gemstone.
The Brazilian jewelry brand made a home on New York City’s Madison Avenue with exclusive pieces only available at the location.
An Adobe Analytics report explored the rise in mobile shopping, the popularity of Buy Now Pay Later options, and peak shopping hours.
The inaugural Dick Greenwood Memorial Scholarship in Gems Science will cover the fall 2025 and spring 2026 semesters.
A Piazza Italia pavilion will feature Italian designers and manufacturers while “MJSA Showcase” brings over a piece of the MJSA Expo.
“Ray Griffiths: The Works” tells the story of the master jeweler’s career, which started with an apprenticeship in Australia at age 15.
Davis is the director of business development at Select Jewelry Inc., and Mobley is the jewelry and watch editor at the Natural Diamond Council.
The retailer has been upping its marketing spend to drive revenue growth and brand awareness.
Mike Straub and John Treiber opened Treiber & Straub in 1980 with the goal of bringing Milwaukeeans the best jewelry brands.
The color for 2025, “Mocha Mousse,” embodies thoughtful indulgences and everyday pleasures.
The Yoruba word for ant, “Kokoro” embodies the strength of womanhood in ant society while highlighting responsible sourcing.
The retailer’s jewelry sales doubled, with branded jewelry performing especially well.
The jewelry retailer addressed the lab-grown diamond “disruption,” the price of gold, and its holiday weekend performance.
A more positive view of the current labor market boosted the Conference Board’s index last month.
The director of the Swiss Gemmological Institute (SSEF) will be honored for his impact on gemology and dedication to advancing the science.
Sponsored by 2025 AGTA GemFair Tucson