Will 2019 be the game-changer for Indian diamond industry?
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Saturday,December 29 2018 [ Issue 5 December/ 2018 ]
Will 2019 be the game-changer for Indian diamond industry?
We are in the last week of 2018. The year has been quite a roller-coaster ride for the entire diamond industry. Two things that really shook the industry were De Beers’ announcement of Lightbox Jewelry, a lab-grown diamond (LGD) jewellery brand and change in the FTC guidelines. World’s leading trade organisations have expressed their concern and discomfort over the changed FTC norms and said that the changed norms are in favour of lab-grown diamonds. Many criticized the De Beers move while some saw it as an opportunity. Why not? Lightbox is being sold at a price US$800 per carat which no one thought would be possible. It certainly shook the LGD industry and it showed the consumers true worth of LGDs. This certainly will give an edge to the natural diamonds over LGDs. The manufacturers of LGDs certainly cannot take the consumers for a ride now as far as price of the LGDs is concerned. Also, it gives the consumer a power of choice. Other than this, over US$ 2 billion fraud involving diamantaires Nirav Modi and Mehul Choksi came to light this year. It has created a dent in the reputation of the Indian diamond industry. Funding was an issue and now it has become even worse with banks and funding agencies becoming more and more cautious towards the industry. The year 2019 will bring its own challenges. We will see if the changes that occurred in 2018 prove to be a turning point for the diamond industry in the year 2019. Wish you all A Very Happy New Year!
 
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