The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Indian traders stop short of banning rough imports
India’s top diamond exporters said no to temporarily stemming the flow of rough into the country but have outlined a number of other measures the trade there will take to deal with oversupply and lagging demand worldwide.
Mumbai--Members of the Indian diamond industry came close Tuesday to doing something they have not done since the advent of the financial crisis in 2008: banning rough diamond imports.
In the end, though, the approximately 250 diamond exporters who gathered in Mumbai opted to go into what Gem & Jewellery Export Promotion Council (GJEPC) Chairman Vipul Shah described as “self-discipline mode” for the time being and adopt a number of measures to help the Indian diamond industry deal with the problems plaguing it.
They are: an oversupply of diamonds, decreased profitability, lack of bank financing and decreased demand for diamond jewelry worldwide, which many consider to be the issue at the core of the industry’s problems.
“Ultimately, it’s sales,” said Ronnie Vanderlinden, president of both New York diamond company Diamex Inc. and the Diamond Manufacturers & Importers Association of America. “Polished (diamond) sales are weak. Nobody wants to take more rough at the elevated prices.”
This is particularly true of many diamond manufacturers today, as they find themselves squeezed in the middle.
Rough prices have continued to increase in recent years even as polished prices have sunk and demand for diamond jewelry has slowed worldwide. Retailers, who also are faced with shrinking margins, want to pay less for polished stones so they can compete while the producers continue to charge more.
Exacerbating the situation in India are the stockpiles of diamonds many Indian companies accumulated when the economy began to recover and banks there were lending freely.
Now with retail sales around the world, including in the United States, slowing and lending tightening, Indian companies find themselves stuck with diamonds they can’t move and little desire to add to their stockpiles.
On Tuesday, among the list of measures noted by the GJEPC was partnering with diamond mining companies and other segments of the industry to promote diamond jewelry, an idea that works for Prakash Mehta, head of New York-based jewelry manufacturer Interings and president of the Indian Diamond & Colorstone Association.
When asked on Monday about the vote, Mehta said he didn’t think that banning rough imports into India for a short period of time would have much effect, noting that “so many things have to be done.”
To begin with, he said the industry needs to do more to increase sales for retailers, and to divert millennials’ attention from electronic gadgets to jewelry.
He said
The world’s No. 1 diamond producer in value terms, De Beers, recognizes as much.
The diamond miner has come under fire recently for charging too much for rough diamonds and not doing enough for its manufacturer customers that find themselves squeezed in the middle.
Over the weekend, in fact, an anonymous sender calling himself “just a simple sightholder” circulated an email to a long list of diamond companies. The email, which also was forwarded to National Jeweler and is posted online, called for sightholders at De Beers sight scheduled for next week to reject boxes that yield less than 10 percent profit.
“I say, let them (De Beers) deal with $300, $400, $500 million (in goods) that are not taken,” the email reads. “I want to see how they survive.”
In reaction, De Beers’s David Johnson said that the diamond miner does recognize the challenges facing many manufacturers and will be giving sightholders the option to defer--put off for a later date--an additional 25 percent of their allocation at next week’s sight, something the diamond miner did earlier this year as well.
In addition, he said De Beers has undertaken a number of activities intended to stimulate demand for diamond jewelry, including Forevermark, bringing back “A Diamond is Forever,” and joining and helping to form the Diamond Producers Association.
While the DPA’s starting budget of $6 million a year pales in comparison to what De Beers used to spend on generic diamond marketing in the original A Diamond is Forever days, Johnson said the DPA does intend to conduct consumer research to understand how to reach millennial consumers and, in turn, how to focus marketing programs, whether they are led by the DPA or individual businesses.
“It’s the sort of thing that could grow,” Johnson said of the DPA.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."