Dimexon is widely known not only for their professionalism and quality of their jewelry – the company also boasts of a powerful distribution network. Dimexon is a DTC sightholder since 1976 and one of the diamantaires chosen by Rio Tinto.
Dimexon’s director Vishal P. Mehta told about his company’s business today and described the situation in the world diamond market in his interview to Rough&Polished.
Could you, please, share with us the latest news about your company?
Over the last 40 years Dimexon has grown to become a globally trusted and respected international player in today’s diamond industry, with over 5,000 people working in offices from Antwerp, Dubai and Mumbai to Hong Kong, Shanghai and Shenzhen.
Dimexon intuitively understands that providing a world-class product is only one part of the story. In addition, Dimexon appreciates the need to offer a range of exceptional value-added services, each carefully tailored to help improve the quality and efficiency of its products and ‘customer experience’.
Dimexon’s expertise lies in its ability to produce consistent quality polished diamonds as well as exquisitely designed and crafted jewellery pieces. Both are created within ‘Centres of Excellence’, locations in China and India carrying a distinctly multicultural team that is both internationally known and locally respected.
Apart from its product focused initiatives and developments, we at Dimexon uphold at a great level the ethos towards beneficiation of our industry at large. In line with this philosophy, Dimexon recently sponsored ‘The New Silk Route’ Dubai Diamond Conference held in March 2013 and hosted by the Dubai Multi Commodities Centre (DMCC) and Dubai Diamond Exchange (DDE).
Dimexon was pleased to offer its support to the Dubai Diamond Conference in particular, as the region has emerged as a prominent platform within the diamond industry, offering additional routes for rough supply and diamond trading.
Dimexon in the past has actively supported such and many other efforts towards strengthening of trade. Commitment, quality and excellence run through Dimexon’s DNA, thereby ensuring it remains future perfect.
What is your customer mix (different customers, one or two permanent clients, etc.) and in which ways do you interact with them (non-recurrent transactions, long-term contracts)?
Dimexon is an established international player with a customer mix spread across every major retail market. Each market is segmented with a strategic focus to allow Dimexon to clearly understand customer needs and to service them efficiently. Focussed channelling of internal resources, clear and defined collaborative alignment within its production and sales teams, help Dimexon to provide a best-in-class customer experience.
Dimexon specialises in providing both, a customer specific product portfolio and a world class service experience.
How do you assess the current situation in the diamond industry?
The industry today is at crossroads of consolidation and stability, following a phase of slower sales turnover and carry-over excess inventory. The industry seems to be more upbeat about the demand outlook this year, with manufacturers focussing on organic growth strategies. Positive indicators are pointing to reasonably stable demand trends in markets such as China this year although challenges remain. Along with it, the inclusion of elements such as professionalism and adherence to the code of ethics and best practices will ensure progression of the entire diamond pipeline.
Do you expect rough prices to stabilize in 2016?
Stability in rough pricing is essential to strengthen the rough spectrum of the business. Current weakness in rough pricing is merely a reflection of prevalent market situations such as: the euro-debt crises, a slow paced economic recovery in the US, coupled with tight liquidity crunch in the key diamond centres. A holistic and focussed assessment of each of these market dynamics will help to gather a more accurate perspective, until the time such stability in rough pricing is achieved.
Predominantly, the industry needs to be able to spot uncertain factors such as: downgrade in end consumer demand of diamond quality, competition with other luxury consumables, and the lowering trend of demand for diamonds as a commodity.
"Fair price," what does it mean for you?
Dimexon is a firm believer of providing fair and correct price to the end consumer. To Dimexon, ‘Fair Price’ is not just a mere benchmarking notion, but rather a justified perspective of conducting an ethical business.
How do you feel about the synthetic diamond jewelry? Can a greater interest toward such goods on the part of consumers affect natural stones?
Among all the major natural resources on earth, a diamond has been considered the most precious and ultimate symbol of love, beauty and status. Every single diamond is unique and contains the signature of Mother Nature. This makes every diamond, a unique and prized emotional possession.
Research has repeatedly demonstrated that consumers are smart enough to differentiate between a diamond and a man made laboratory grown synthetic stone. One is rare and the other is mass produced and rarity always represents value. As a result, Dimexon doesn’t view synthetics as a threat to natural diamonds, indeed they may well prove to be a threat to alternatives such as zircons and mozonites.
How do you assess the security of diamond business in the light of recent high-profile robbery at Brussels airport?
Dimexon never comments on matters related to security, as a principle.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
