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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.
The JCK Las Vegas show ended on Monday with mixed reports from diamond exhibitors. Overall, the show was okay. While it did not signal a significant boom in trading, most left satisfied that the U.S. market is stable in the near term.
Being a senior GIA industry analyst, Russell Shor gives a close look at the complex political and economic issues facing today’s gemstone and jewelry industries in his interview to Rough&Polished.
Responding to the news that a large batch of lab-made diamonds are circulating in the market without proper disclosure, Stephen Lux, President & CEO of Gemesis says the company has been completely forthcoming.
Concerns are rising that a large number of undisclosed lab-made diamonds are circulating in the market. Suspicions were raised after IGI detected a batch of such items a few weeks ago, according to Chaim Even-Zohar.
The decision by the Indian government to force its citizens to convert half their foreign currency to rupee was another of a growing list of directives negatively impacting the diamond industry. The result is that 2012 is set to become an even more challenging year than expected for the trade.
When it comes to profit margins, the middle man always gets squeezed. From a diamond industry perspective, this is easily assessed with a quick look at the financial statements of companies operating in the various sectors along the pipeline.