On October 3, 2023, GJEPC hosted a meeting with delegates from Okavango Diamond Company (ODC) to discuss current issues and difficulties in the Indian diamond business.
Several crucial themes were raised throughout the lively discussion, emphasising the industry’s dedication to overcoming obstacles and fostering long-term growth. The meeting provided a forum for intelligent discussions and productive deliberations.
- The Indian Gem and Jewellery Industry is in crisis, with a 25% reduction in exports, a 21% drop in rough imports, and inventory overhang, notably in the starting jewellery sector. High inventory holding costs are burdening the industry and eroding stakeholder confidence.
- GJEPC examined lowering pricing and the shift to lab-grown diamonds, underlining potential profitability but also the problems for makers and traders in the shifting market dynamics.
- GJEPC voiced its concerns about the industry’s current status and urged for confidence-building measures in its Industry Revival Call to Action. The Council emphasised the importance of infrastructure, marketing, and branding investments.
- Market Potential and Partnerships: underlined the significance of ODC‘s active participation, the future potential of diamonds in the Chinese and Indian markets, and the value of developing partnerships with NDC and enterprises from other regions.