In the past few months, we have witnessed polished diamond prices decline. They are sliding downward at a slow pace, with an occasional small rise before sliding again. So far this year, overall polished diamond prices lost 2.9%, according to Mercury Diamond Global Tracker™ (MDGT™). The majority of the decline took place in the third quarter of the year – 1.3%.
The Gem & Jewellery Export Promotion Council (GJEPC) is semi-governmental organization, set up by the Indian Ministry of Commerce in 1966. GJEPC serves as the umbrella organization of India’s precious gems and jewelry industry. It was one of a number of Export Promotion Councils launched by the Indian Government to boost the country’s exports, as India’s economy began making forays into the international markets.
From the perspective of the diamond wholesale market, the November-December holiday season is off to a slow start. Traders disappointedly reported a relatively sluggish demand from retailers. Demand, where it did exist, was focused on very specific items, largely focused on top makes. As a result, stock-building aversive traders felt forced to reduce prices on goods in lower demand.
The International Diamond Council (IDC) is a diamond industry organization formed to establish industry-wide unity in the grading of polished diamonds. Its beginning was as a joint committee, formed at the 18th World Diamond Congress of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), which was held in Amsterdam in 1975. This committee was later named the International Diamond Council.
If you want to understand the problems of the diamond industry, look no further than the rough diamond trade in Belgium’s diamond center in Antwerp. It is a microcosm that paints a painfully accurate picture.