This too shall pass
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Friday,August 23 2019 [ Issue 4 August/ 2019 ]
This too shall pass
Last week, The New York Times had carried a succinct piece about the ongoing “glut” in the diamond industry. If you were a novice and didn’t know anything about this industry, the article pretty much walks you through the nuances and the workings of this industry.

Much of the problem remains in the fact that there are too many diamonds and there is too less demand. For decades we have been marketing diamonds based on how special and rare they are but that alone is not working anymore – because there is simply an oversupply and the demand in the U.S., parts of Europe and China mainly has taken a beating. Demand in the Gulf too isn’t too peachy.

Surat, one of the biggest hubs of cutting and polishing is currently facing the brunt of this global diamond glut. There has been around 10 – 15 per cent job loss in the sector. Mining giants like De Beers has scaled back and a weaker rupee has certainly had its share in the ongoing lull.

However, this industry is full of optimists, which is a good thing and most of them believe that this is a temporary fog that will pass. We better hope it does!

 
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