Rapaport Group has conducted a survey of jewellers, asking respondents to share their expectations for this year’s holiday sales.
The researchers have found out that the overwhelming majority of jewellers - some 89% - expected sales to be worse than last year following the imposition of 50% levies on Indian diamonds that went into effect on August 27. At the same time, 11% of those surveyed believed sales would be better than the previous year.
Diamond sourcing remains the main issue: 44% of jewellers plan to change their sourcing to US dealers and wholesalers, while 22% said they had enough stock to take them through the holidays. Meanwhile, 22% intended to keep ordering from India but planned to raise the prices of their goods accordingly, and 11% said they had pre-ordered excess stock.
“Many jewellers were seeking alternative methods to keep business afloat during the season without spending too much money,” Rapaport analysts noted.
Approximately 25% of surveyed jewellers ultimately planned to shift manufacturing from India to lower-tariff locations such as China-Hong Kong region, Turkey and Mexico.
Theodor Lisovoy, Managing Editor, Rough&Polished
