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.
Bu hikaye Solitaire International dergisinin December 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Solitaire International dergisinin December 2016 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Banking Seminar Gives Trade Reality Check
The banking and finance seminar that took place in Mumbai alongside Signature IIJS discussed the financing challenges in securing credit facing the global trade and possible solutions. A report by Sanjiv Arole.
GJSCI Reveals Winners Of Hupari-inspired Revive Design Contest
The Gem & Jewellery Skill Council of India (GJSCI) recently organised an inter-institute design competition, Revive Design Contest, offering an opportunity for budding jewellery designers to showcase their talent while embracing ancient techniques. Those who made it through the preliminary rounds were taken to the town of Hupari near Kolhapur in Maharashtra, famous for making silver jewellery ornaments.
US Gold Jewellery – An Evolving Industry
The US gold jewellery industry is both sizeable and globally significant. But it faces a range of challenges. MARK HANNA, chief marketing officer at Berkshire Hathaway company Richline Group, the leading jewellery manufacturer in the US, believes the industry can flourish, if it adopts certain key initiatives.
Urgent Need To Upgrade Hupari Silversmiths
Hupari, a small town nestled in the Kolhapur district of Maharashtra, India, is home to nearly 25,000 silver artisans. Jewellery blogger and designer PRERNAA MAKHARIAA narrates her experience of a recent excursion to Hupari as part of the Women’s Jewellery Association (WJA) India.
gjepc conducts 50th agm in mumbai
decides to form trade disciplinary committee.
De Beers Diamond Jewellers Revamps Harrods Store
De Beers is proud to continue its legacy as the ‘Home Of Diamonds Since 1888’ with a refined new store in the Fine Jewellery Room at Harrods.
JJS Gears Up For December Show
The Jaipur Jewellery Show (JJS), the country’s largest combined business-to-business (B2B) and business-to consumer (B2C) jewellery show, will be held from December 22nd to 25th at the Jaipur Exhibition and Convention Centre (JECC) in Sitapura.
HK's 4,455+ Employees Take Part On International Yoga Day
Hari Krishna Group organised a yoga programme on 21st June 2017, International Yoga Day in its factory premises in Surat, and sales offices at BKC and SEEPZ, Mumbai.
GJEPC To Set Up IIGJ Centre In Udupi
The Gem & Jewellery Export Promotion Council (GJEPC) laid the foundation stone for a premier gem and jewellery training institute in Udupi, Karnataka, on June 16th.
US Diamond Jewellery Demand Reaches $41 Bn
Total diamond jewellery demand from US consumers increased 4.4% in 2016 to exceed $40 billion for the first time, according to industry insight data published by De Beers.
