GJEPC’s Diamond Panel Convener Sanjay Shah made a presentation at the ‘Special Forum on Diamond Equity’ held during the Kimberly Process Intersessional Meet in Perth which focused on boosting consumer demand for diamonds.
According to Shah, the industry needs a ‘clean and transparent’ diamond trade, adequately financed generic promotion campaigns and clear differentiation between the synthetic and natural diamonds to achieve this goal.
Shah pointed out that polished diamond demand and prices had seen almost zero growth over the last nine years leading to lack of sustainable margins in the mid-stream. He stressed that both mining companies and countries need to shoulder the responsibility for creating consumer desire to increase the overall diamond market that could lead to an increase in polished diamond prices.
Calling for strong generic promotions at all levels by all stakeholders with a worldwide budget of at least US$ 100 million, Shah said that the Indian industry would actively participate in and contribute to the effort.