International Market A BOOM or a Bane?

Will diamond businesses emerge at the top after the pandemic dies down? Diamond businesses across the globe have had a tough year and challenges aplenty. They share some vital insights and details about embracing technology, consumer sentiment and the way forward, with Gunjan Jain

- Gunjan Jain

It has been a little more than a year since the pandemic. Most countries are still manoeuvring through the challenges posed by the pandemic. The jewelry industry has been through a rollercoaster ride but has done way better than other realms of luxury. The situation today is far from better and diamond businesses, from all over the world have been affected by the pandemic. According to Chirag Shah, founder, Anita Diamonds Antwerp, “In the beginning of the pandemic we had predicted certain aspects of the business, all of which turned out quite true. We were prepared and so we quickly tackled the challenges. We did the SWOT analysis (strengths, weaknesses, opportunities, and threats analysis) especially considering all the limitations due to Covid - 19. We adapted promptly to social changes, governmental initiatives, economic repercussions, competitive and market changes.”