November 8, 2016 was a day which will shape the future of the industry in different ways. On that day, as the US elections unfolded and ultimately resulted in Donald Trump being elected as the President of the United States, India had its own defining moment as the demonetisation of the ₹500 and ₹1,000 notes was announced by Prime Minister Narendra Modi. Industry analyst PRANAY NARVEKAR hypothesises the future of the Indian diamond and jewellery industry under the Trump regime.
Most people in the diamond and jewellery industry are well-versed with the effects of demonetisation in India and have been busy assessing and dealing with the direct or indirect fallout since then. The effects are being discussed and analysed threadbare in the Indian media on a daily basis. It has had a much more direct impact on our businesses and will possibly change the future direction of the gem and jewellery industry in India.
However, in the process the industry might have lost its focus of what is happening in the US, which continues to be the largest market for our industry globally, especially as we enter the all important Christmas sales season.
De Beers, in their Insight report for 2015, pegged the US share of polished diamond demand by value (Polished Wholesale Prices in US dollar terms) at 45%. I believe that this number probably represents the entire Americas, instead of just the US. What is undisputable, however, is that over the next two years, this share will only increase due to currency strength and under performance of other regions. The US will remain the growth engine for the industry and will probably end up having its highest share of the global diamond consumption in over a decade, making it much more important to us!
Given this backdrop, it might be worthwhile to consider what changes could be anticipated as the baton of the US presidency is handed over to Donald Trump.
A polarised nation?
Trump won the election by channelling two forces, namely, the far right traditional Republican support, which has been pro-business, along with the more trade-phobic working class population which had faced the brunt of globalisation. However, both these sections are likely to have different expectations from Trump, and his position would be akin to that of a person who is trying to ride on two boats down a stream.
هذه القصة مأخوذة من طبعة December 2016 من Solitaire International.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 2016 من Solitaire International.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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