Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
EditorsJul 08, 2015
Whose fault is it anyway?
I was on the phone Tuesday morning with someone in the industry who mentioned that he had recently seen a live stage version of Whose Line Is It Anyway?, a British radio-cum-TV improvisational sketch comedy show that also had a run in the United States.
For those who haven’t seen it, the show involves four performers who participate in various improv games that are then scored by a host, though the points don’t mean anything and there aren’t any real prizes.
While no one except its creators know the exact origin of the show’s name, my guess would be it was called Whose Line Is it Anyway? because improve can get chaotic, leaving performers to look at each other and wonder, whose turn is it to keep this sketch going?
The diamond industry currently finds itself running up against a similar question mark when it comes to pricing. Rough prices are higher than they should be, polished demand is sluggish and many manufacturers in the middle can’t make money.
Shortly after my piece on the Indian diamond industry ran Tuesday, a colleague forwarded me an excellent guest blog by Sanjay Kothari, the former multi-term chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC), that was published on a site called GemKonnect. GemKonnect is headed by Vinod Kuriyan, a journalist who has covered the industry for a long time and is extremely knowledgeable.
For those of you who are unaware, Kothari’s post goes a long way toward explaining why the price of rough diamonds has continued to go up even as polished prices have dropped and global demand for diamond jewelry has slowed.
Kothari writes that while many seek to blame the diamond mining companies, much of what ails the industry has to do with the “shortsighted business models” of the diamond cutting and polishing companies.
They, as Kothari writes and others have told me, have been buying overpriced rough and selling it at, in Kothari’s words, “laughably low prices” without caring. They just want to show turnover so they can continue getting credit from the banks, which they then sink into other industries (real estate, the stock market, etc.) that make them money.
So whose fault is that, then?
Like Kothari, I don’t put the lion’s share of the blame on De Beers, or any of the other mining companies for that matter.
What is something, anything, worth, be it a handbag, a car or a diamond? The answer is, whatever people are willing to pay for it.
Diamond cutting and polishing companies are
buying rough at these high prices, so De Beers is going to keep on selling it. As one industry observer put it when I was talking to him on Monday about the situation in India specifically, “If they’re willing to pay for it, why blame De Beers?”
De Beers is a business. De Beers is not your friend.
What’s more, De Beers is not the De Beers of years gone by. The Oppenheimer family sold their stake in the diamond mining company in 2012 and De Beers is now one piece of a large public company, Anglo American. Anglo, like every public company on the planet, answers to its shareholders and De Beers is its most profitable subsidiary. Anglo’s going to do what it can to keep it that way.
That being said, I also agree with Kothari that the mining companies aren’t completely blameless in this scenario. They, like the cutters and polishers, are risking the long-term health of the industry for short-term gain.
Kothari offers a very common sense solution to the problem though it involves something that is not, shall we say, one of the diamond industry’s strong suits: working together.
Kothari suggests having all players in the industry pitch in to promote diamonds, thus helping alleviate the drop in demand; having all the mining companies cut back on mine output; and having diamond manufacturers cut back on the amount of rough they buy.
It seems that everyone in this situation shares a bit of the blame, so it’s only right that everyone step up to keep the show going.
De Beers is a business. De Beers is not your friend.
What’s more, De Beers is not the De Beers of years gone by. The Oppenheimer family sold their stake in the diamond mining company in 2012 and De Beers is now one piece of a large public company, Anglo American. Anglo, like every public company on the planet, answers to its shareholders and De Beers is its most profitable subsidiary. Anglo’s going to do what it can to keep it that way.
That being said, I also agree with Kothari that the mining companies aren’t completely blameless in this scenario. They, like the cutters and polishers, are risking the long-term health of the industry for short-term gain.
Kothari offers a very common sense solution to the problem though it involves something that is not, shall we say, one of the diamond industry’s strong suits: working together.
Kothari suggests having all players in the industry pitch in to promote diamonds, thus helping alleviate the drop in demand; having all the mining companies cut back on mine output; and having diamond manufacturers cut back on the amount of rough they buy.
It seems that everyone in this situation shares a bit of the blame, so it’s only right that everyone step up to keep the show going.
More on Editors
The Latest
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
Weekly QuizMay 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal InvestigationMoti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
SourcingMay 09, 2025
Gemfields Resumes Emerald Mining in ZambiaThe miner announced plans to recommence open-pit mining at Kagem.
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal FormatSponsored by Instappraise
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New BoutiqueThe brand’s first independent location outside of Australia has opened in Beverly Hills, California.
IndependentsMay 08, 2025
Verragio Announces New Regional Sales ManagerCathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for TariffsThe company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and BeyondConnecting with your customers throughout the year is key to a successful holiday marketing push.
SourcingMay 07, 2025
Gemfields Says Emerald Sales Improved in Latest AuctionIts commercial-quality emerald sale held last month totaled more than $16 million, up from about $11 million in September 2024.
