The JCK Las Vegas show was the center of attention for the diamond industry, with all looking for signs of recovery or indications that the current state of the industry will continue. The short answer is that the message from Las Vegas was mixed.
Our fragmented industry has embarked on a journey of restructuring.
Whilst our sector is gradually growing, our pipeline is gradually shrinking. Vertical integration has started to take off, with upstream companies moving downstream as well as the other way around.
It is not surprising that during these difficult times diamond companies compete hard against each other to stay in the game.
However we should not lose sight of the fact that a more silent but nonetheless serious competition may be coming from outside the diamond industry, namely other luxury items such as watches, handbags and electronics.
The Las Vegas jewelry trade shows will take place starting next week. After a series of disappointing trade fairs in Hong Kong and Basel, the industry is looking for signs of recovery at the American event—the biggest trade show of its kind, in the biggest and most important jewelry market.
"More of the same" continues to be the dominant sentiment of the diamond industry with the “wait and see” and "play it as it goes" emerging as the prevailing attitudes. This is not by choice.