The sparkle has been missing in the diamond industry for a while now as it has been facing a number of challenges and changes. Even before 2023 began, it was becoming increasingly clear that a slump in the industry was inevitable. And sure enough, the year turned out to be a difficult one. A combination of factors caused an upheaval in the sector, with the main issues being geopolitical conflicts, evolving consumer preferences, difficulties in sourcing roughs, rising interest rates, technological advancements, the onward march of lab-grown diamonds, and so forth. The demand for diamonds slipped, particularly in comparison with the boom years of 2021 and 2022. It would be fair to say that 2023 was a topsy-turvy year for the industry, which struggled hard to find its feet. Even so, the industry held out as much as it could.
Here’s a look at the good and the bad, the hits and the misses of the year 2023.
The HITS
BOTSWANA WRANGLES A PROFITABLE DEAL FROM DE BEERS
Botswana’s President Mokgweetsi Masisi drove a hard bargain with De Beers in order to get a better diamond sales deal for the people of his country. Diamond industry observers hailed it as ‘among the most memorable stories of 2023’.
The government of Botswana and De Beers reached a provisional deal just before their June 30 deadline, which came by only after relations between the two parties became fairly strained. Ultimately, both sides pledged not to take part in public discussions. On another occasion, they had to refute a report that the government wanted to stop selling large stones to De Beers.
This story is from the November - December 2023 edition of Diamond World.
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This story is from the November - December 2023 edition of Diamond World.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
BOLD COLOUR GEMSTONES
Timeless and audacious, these vibrant gemstones - sapphires, emeralds, rubies, and more - make bold statements in luxury and artistry. Perfect for those seeking vibrant alternatives to minimalistic diamonds, these jewels bring opulent colour to the forefront of high jewellery.
CHAUMET'S EN SCENE COLLECTION IS ALL ABOUT MUSIC, DANCE AND MAGIC
Chaumet's latest high jewellery collection, En Scene, is imbued with harmony and a sense of movement, encompassing elements of music, dance, and magic -- each piece tells a story, be it through the rhythm of gemstones in Setting the Tempo, the movement of stones in Leading the Dance, or the magical illusions in As If by Magic
Charting a New Course for the Diamond Industry Amid Global Shifts
The inaugural BDB Leadership Series examined India's rise as a diamond industry powerhouse, the significance of sustainability, and the future of consumer trends such as quiet luxury, setting a tone of optimism amid challenges
Couture India 2024 A Grand Celebration of Luxury and Innovation
Couture India 2024 dazzled with its celebration of heritage and innovation, bringing together top-tier jewellery brands, emerging designers, and retailers for a showcase of luxury, craftsmanship, and forward-thinking design
Jewellery & Gem WORLD Hong Kong 2024 Optimism and Resilience in a Changing Market
With Indian buyers taking centre stage, Jewellery & Gem WORLD Hong Kong 2024 showcased India's growing influence in the diamond industry. The event demonstrated the resilience of the diamond industry, with De Beers expressing optimism about the recovery of natural diamonds
G7 APPROACH TO DIAMOND TRACEABILITY HAS CONCEPTUAL DEFICIENCIES: DR MZEE FULA-NGENGE
African diamond-producing nations are increasingly seeking their place in the sun, and are no longer shying away from demanding their rightful share of the revenues generated from diamond extraction. Dr M'zee Fula Ngenge, Chairman, African Diamond Council, talks to Suneeta Kaul about the most pressing issues pertaining to the African diamond industry the less than effective role of local diamond trade administrators, the G7's approach to traceability, the role of technology in improving the functioning of the continent's diamond industry, the limitations of the Kimberly Process, and more
CUSTOMIZATION AT THE FOREFRONT OF THE SURGE IN LGDS
Lab-Grown Diamonds are reshaping luxury, offering personalization possibilities through cutting-edge technology; the shift to customization is being led largely by millennials and Gen Z, who value innovation more than tradition
THE RISE OF DUBAI AS A DIAMOND TRADING HUB: IMPACT ON THE GLOBAL TRADE, AND IMPLICATIONS FOR INDIA
Over the past few years, Dubai has rapidly become one of the world's leading diamond trading hubs. Leveraging its strategic location, state-of-the-art infrastructure, pro-business taxation policies and global connectivity, the city now rivals traditional centres such as Antwerp and Mumbai, attracting major players from across the globe. Suneeta Kaul takes an in-depth look at the city's emergence as a diamond trading powerhouse, and the implications this has for India
E-COMMERCE IN DIAMOND JEWELLERY GAINING GROUND
E-commerce is steadily finding its way into the function of diamond jewellery retail the world over, in spite of several challenges and obstacles. Retailers are taking steps to overcome the critical challenges of trust and personal connections that are easier to establish in a brick-and-mortar world, and are seeking to establish these factors in a digital scenario
INDIA TAKES CENTRE STAGE As China's Demand Ebbs, India Rises as the New Diamond Powerhouse
India is establishing itself as a global diamond powerhouse, thanks to its burgeoning middle class, a rising disposable income, unmatched craftsmanship, skilled labour force, cutting-edge technology, and strategic collaborations. Anjana Vaswani takes an in-depth look at these factors that collectively position the country to mark its dominance in the diamond industry
