GJEPC in association with the Bharat Diamond Bourse (BDB) and Mumbai Diamond Merchants’ Association (MDMA) organised a seminar on 30th September to address the “Key Pricing Challenges Facing the Diamond Industry”. The seminar featured a presentation on the DiaSense diamond pricing index by Founder & CEO Pratik Shah. The event brought together industry experts such as Anoop Mehta, President, BDB and Prakash Sanghavi, President, MDMA to discuss current issues and explore innovative solutions.
Participants discussed the significant impact of current pricing challenges on the diamond industry, including their implications for market stability and growth. The seminar highlighted the limitations of existing price indices in accurately reflecting market realities, highlighting the need for more reliable and representative benchmarks.
Pratik Shah said there was an urgent need to have an alternate price index because of the limitations of the existing price indices such as the lack of transparency, monopoly, and holistic industry feedback.
Experts explored innovative approaches to develop a pricing model that is more accurate, transparent, and reflective of market dynamics. The seminar underlined the importance of collaborative efforts among industry stakeholders to enhance and standardise pricing practices across the global diamond market.