On October 3, 2023, GJEPC conducted a meeting at its Mumbai offices with delegates from Namib Desert Diamonds (NAMDIA) to address the ongoing problems and hurdles plaguing the Indian diamond industry.
The seminar addressed a number of pressing concerns in the diamond business. Concerns regarding lab-grown diamonds emerged as market dynamics surfaced, with a major influx from China pushing manufacturing away from traditional centres. The lab-grown diamond dilemma, fueled by affordability, has sparked concerns about the industry’s long-term impact, notably in the United States.
Several noteworthy observations were made throughout the meeting. A significant inventory building and dropping polished diamond prices were seen, with hopes for market stabilisation and demand recovery by the end of the year.
The importance of marketing and membership protection was underlined, as well as the collecting of funds for marketing initiatives. The significance of defending member interests and combating the growth of lab-grown diamonds through enhanced marketing was emphasised at the meeting.
Finally, worries about economic downturns in important markets such as China and India were raised, with a call for coordinated efforts to solve these issues.