The Way Forward for the Diamond Industry - Now or Never: Changes the Diamond Industry MUST Implement

As the sentiment is marginally improving with a slight increase in demand, now is the time the Indian diamond industry should try and implement a few important changes, from mines to market says R Sugandha

- R Sugandha

Demand for diamond jewellery is slowly looking up, post lockdown, as manufacturing units and stores are getting back into action. GJEPC is working hard to withhold diamond prices, and bring in regularity in the working of this great industry. Organising webinars, to streamline SOPs, diamond supply chain, while negotiating policy matters with the government alongside.

All of this is setting the mood for a revived demand and a New Normal for diamond industry to discover and use to their advantage. There are no two ways about the fact that this industry needs a major overhaul. This pandemic is the right time to implement these big changes. From policy wise changes to what sightholders are expecting from miners, to what retailers are expecting from the entire industry on marketing front, here are some big changes we need to implement now.

Don’t over buy – don’t oversell – acute business sense is the only thing that will keep diamantaires happy. Each company has to devise its own plan, based on its demand and supply equation

Nilesh Chhabria, Finestar Jewellery and Diamonds

Scope for better assortment

From a sightholder’s perspective reduction of prices is not a healthy way of trying to increase demand – because that will not work. De Beers and ALROSA should not bring down their prices too much, because the cascading effect would be difficult to control. “If they really want to support the diamond industry, they should make the assortment a little better and make it available to us at the right time ensuring a smooth hassle-free supply,” says Nilesh Chhabria, of Finestar Jewellery and Diamonds.