Technology and Innovation - HOW TECHNOLOGY IS TRANSFORMING THE CONVENTIONAL DIAMOND INDUSTRY

In this research paper, Nishant Gupta and Mehul Mehta, PGP students at IIM Rohtak, examine the transformative impact of mobile applications on the B2B aspect of the diamond industry. Through a combination of qualitative and quantitative research methods, including interviews, the study investigates how these applications have enhanced efficiency and connectivity, revolutionizing the traditional diamond trading process

- Nishant Gupta and Mehul Mehta

The findings reveal that such applications have streamlined procurement and selling processes, improved communication, and increased transparency within the industry. By connecting buyers and sellers across geographical boundaries, these mobile applications have facilitated a more efficient and globalized diamond trade ecosystem. The adoption of these apps has resulted in improved market efficiency, reduced transaction costs, and expanded access to a broader range of diamond inventory. The study also highlights challenges and limitations faced by the industry in fully embracing these apps. The research report provides valuable insights for industry practitioners, policymakers, and researchers interested in understanding the implications of technology-driven changes in the B2B segment of the diamond industry.

The diamond industry is one of the oldest and most traditional industries in the world, with a significant portion of its trade occurring through B2B channels. The B2B trade in the diamond industry involves the sale and purchase of diamonds between manufacturers, traders and retailers, and it is a critical part of the global diamond supply chain.

The B2B trade in the diamond industry faces several challenges, including the lack of transparency, price volatility, and the risk of fraud. The lack of transparency in the industry makes it difficult for buyers and sellers to determine the true value of diamonds, while price volatility can make it challenging for businesses to plan and budget effectively. Additionally, the risk of fraud is a significant concern, with many instances of fake diamonds and fraudulent transactions being reported in the industry.