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There is somewhat of a dichotomy present in the high-end diamond sector. While the European luxury jewelry and watch companies continue to post strong growth, suppliers of diamonds used by this sector have noted a sharp slowdown in demand.
The Reserve Bank of India (RBI) backtracked somewhat on guidelines for exporters, currency exchange traders and authorized dealer category banks on converting foreign currency held in Exchange Earner’s Foreign Currency (EEFC) accounts into rupee in order to provide operational flexibility.
There is no doubt that the diamond industry is somewhat stuck in the murky waters again, a development that has brought about sad memories of 2008, when gem prices dropped by about 60 percent due to the global economic downturn.
Botswana is regarded as the world’s leading diamond producer by value and the second largest producer by volume after Russia. Of late the economy of the southern African nation had been under pressure given the somewhat poor performance of the diamond industry
It was for the first time that investment and synthetic diamonds and their impact on the diamond industry were seriously discussed at the JCK Show held on May 29 to June 4 in Las Vegas.
China’s current ‘Year of the Dragon’ appears to have lost some of its fire as investors and analysts view China’s economy with increasing caution. Chinese diamond buyers have picked up on that sentiment and are holding back from making large-inventory purchases as global economic concerns deepen and local consumer confidence fades.
Ari Epstein, Managing Director and Nishit Parikh, former President of Antwerp World Diamond Centre (AWDC), answered questions from the Rough&Polished correspondent in Brussels.
Bain & Company, a leading global business consulting firm, offering solutions on issues of strategy and operations, works with over 2,700 major multinational corporations across every economic sector, including the diamond mining industry.
The first half of 2012 ended in a state of despair for the diamond industry. Prices have softened and trading is muted all around. De Beers and ALROSA have reduced supplies but maintained high prices, despite that liquidity in the manufacturing sector has tightened.
Taking up the post of president was not an obvious one for the recently elect president of the Diamond Dealers Club of New York (DDC), Reuven Kaufman. Heavy debt, shrinking membership and a general feeling of futility ruled the DDC, but Kaufman, one of the Club’s board members, felt that change was possible.
The diamond industry came to the Las Vegas shows with moderate expectations. In today’s economic climate, moderate expectations should be considered high, since all prospects are viewed with caution.
An alarm must be sound. In October 2007, nearly a year before Lehman Brothers filed for bankruptcy protection, leading stock indices peaked and from there started to fall, a decline that ended only in February 2009. The plunge was an unheard early warning.