Diamond Industry in Doldrums.

So it’s official. The diamond industry is in dire straits. I came across this article in the national jeweler network site, which states in no uncertain terms that large diamonds have no takers. Even the Russians who have been the main buyers of larger diamonds in the recent past are not interested.

The jewelers are finally realizing that their glory days are over. The current economic scenario will keep on getting worse for them, the past 10 years of phenomenal growth becoming a distant memory. Those who invested in diamonds of size ranging from 10 carat to 15 carat are stuck with their pieces with no buyers in the foreseeable future.

The crunch is not only affecting the big players but is being funneled down to the width and length of the diamond industry. Surat in India the biggest diamond cutting center in the world in terms of volume has lost over 150,000 jobs, the majority of those laid off are diamond cutters.

There are hard lessons to be learnt here. The diamond industry needs to reflect and come up with some concrete measures to alleviate the situation. Instead of lamenting about their current situation they should take action . In the end what ever is best for their clients will be the best for them.

Please let me know what you think of this post. Feel free to post your comments, they are most welcome.

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