20 Oct 2020
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Now or Never: Changes the Diamond Industry MUST Implement-The Way Forward for the Diamond Industry
As the sentiment is marginally improving with a slight increase in demand, now is the time the Indian diamond industry should try and implement a few important changes, from mines to market says R Sugandha
By: Diamond World News Service
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Sep 17 2020 12:56PM
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Reference: 25156  

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Don’t over buy – don’t oversell – acute business sense is the only thing that will keep diamantaires happy. Each company has to devise its own plan, based on its demand and supply equation Nilesh Chhabria, Finestar Jewellery and DiamondsDemand for diamond jewellery is slowly looking up, post lockdown, as manufacturing units and stores are getting back into action. GJEPC is working hard to withhold diamond prices, and bring in regularity in the working of this great industry. Organising webinars, to streamline SOPs, diamond supply chain, while negotiating policy matters with the government alongside.

All of this is setting the mood for a revived demand and a New Normal for diamond industry to discover and use to their advantage. There are no two ways about the fact that this industry needs a major overhaul. This pandemic is the right time to implement these big changes. From policy wise changes to what sightholders are expecting from miners, to what retailers are expecting from the entire industry on marketing front, here are some big changes we need to implement now.

The Sightholder’s Perspective

Scope for better assortment
From a sightholder’s perspective reduction of prices is not a healthy way of trying to increase demand – because that will not work. De Beers and ALROSA should not bring down their prices too much, because the cascading effect would be difficult to control. “If they really want to support the diamond industry, they should make the assortment a little better and make it available to us at the right time ensuring a smooth hassle-free supply,” says Nilesh Chhabria, of Finestar Jewellery and Diamonds.

On an average, diamond prices have fallen by 78 per cent. Mining companies should have given a better assortment so that market sentiment does not fall. Quantity of demand is determined by each and every sightholder – a miner will decide which company should be given better supply – this differs from company to company.

With regards to holding on to the prices and not reducing rough prices De Beers and ALROSA have done well. “Don’t oversell – acute business sense is the only thing that will keep diamantaires happy. Each company has to devise its own plan, based on its demand and supply equation ,” advises Chhabria.

In July, there was an increase in demand, however because of Covid19, manufacturing is suffering. “The way in which both the large miners De Beers and ALROSA allocate diamonds has evolved over time and has been dynamic. They have acted very responsibly ever since the pandemic began, they have been extremely flexible with their customers. In terms of dynamism, De Beers has also introduced the option of bespoke assortments for specific buyers,” adds Ankit Shah of Ankit Gems.

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