We are less than five months into the year, and 2015 already appears to be a year of fighting for survival and capital preservation. In the past, the trade always looked forward to the next trade fair or holiday for the next big push in sales. Now, just a month before the important JCK Las Vegas trade fair – the largest diamond and jewelry exhibition in the world, taking place in the most important market, and it seems that the industry is only looking forward to 2016.
The excess fragmentation we are facing in parts of the diamond sector must be addressed to allow the diamond industry as a whole to operate more effectively and to provide the new generations of professionals with more sustainable opportunities to flourish in our sector. We can draw lessons from more consolidated industries.
Over the next few days, the second International Rough Diamond Week is taking place in Israel and will feature tenders in which the main international rough diamond suppliers participate. We reached out to Ehud Laniado, one of the leading diamantaires in the rough diamond industry, who is renowned for his know-how and unique experience in the sector, in order to hear his views on the International Rough Diamond Week which is currently taking place in Israel.
"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.
Dark Clouds Overhead
All large sales periods – the November-December holiday season, Valentine’s Day, Chinese New Year, Hong Kong and Basel trade shows – were disappointing to diamond traders. Worse, looking forward, sales projections by chain stores in the US, Hong Kong and China are poor. Most are reluctant to replenish their inventories and are adopting a “playing it as it goes” policy.