On November 22nd, Mr. Paul Rowley, Executive Vice President, De Beers – Global Sightholder Sales, met with the GJEPC leadership, including Chairman Mr. Vipul Shah, Vice Chairman Mr. Kirit Bhansali, and officials from the Council’s Diamond Panel, namely, Mr. Ajesh Mehta, Convener; Mr. Saunak Parikh, Co-Convener; Mr. Milan Chokshi, Member; Mr. Russell Mehta, Co-Opted Member; and Mr. Sabyasachi Ray, Executive Director, at the GJEPC headquarters in Mumbai.
The discussion included a wide range of subjects, including market stability, production techniques, and new marketing approaches in the face of changing global trends.
Mr. Rowley ascribed the issues to destocking, particularly in China, where diamond demand has halved, causing a rippling effect in the midstream sector. However, he voiced confidence, saying that destocking is nearing equilibrium and that the US market is showing signs of consistent demand. He emphasized the necessity of maintaining supply discipline, preventing oversupply, and ensuring long-term growth.
Both parties reiterated their commitment to establishing the groundwork for a successful 2025.