WFDB Acting President Yoram Dvash spurs on the hard-hit diamond industry with ---‘There is Light at the End of the Tunnel’ --- through a letter addressed to the plagued global diamond industry.
Yoram Dvash assures that the diamond industry is doing fairly well given the current conditions. While there was a 70% - 80% decline in imports and exports in some centers, some signs of recovery is being noticed. Also due to De Beers and ALROSA limiting production and flexibility toward customers; and Surat manufacturing center cutting down production has had a positive effect on the diamond pipeline.
He also notices that diamond prices are steady; Q3 2020 is seeing smaller export and import drops, with July showing around 50% dip y-o-y. He mentions that manufacturers profit margins have improved, and they can buy only the rough they need to meet actual demand, and diamond jewelry retail is doing fairly well. China has shown strong demand, and independent jewelers in US are reporting steady demand for jewelry to celebrate life-cycle events.
And Yoram Dvash concludes: “Our industry has proven its resilience by moving to online trading. Get Diamonds, for example, is enjoying a huge part of this traffic. Consumers are also buying more diamonds through ecommerce, with some of the largest luxury brands selling more diamond jewelry online.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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