GJEPC organised a meeting to address the current issues and challenges faced by the Indian diamond industry with the delegates from Okavango Diamond Company (ODC) on October 3, 2023 at GJEPC Headquarters.
During the engaging discussion, several key points were brought to the forefront, emphasizing the industry’s commitment to overcoming hurdles and fostering sustainable growth. The meeting served as a platform for insightful exchanges and constructive deliberations.
- Indian Gem and Jewelry Industry Crisis: The industry is facing challenges with a 25% drop in exports, a 21% drop in imports of rough, and inventory overhang, particularly in the started jewellery sector. High inventory holding costs are burdening the industry, affecting confidence levels across stakeholders.
- Diamond Industry Challenges: GJEPC discussed decreasing prices and the shift towards lab-grown diamonds, emphasising potential profitability but also the challenges for manufacturers and traders in the changing market dynamics.
- Industry Revival Call to Action: GJEPC expressed its concerns about the industry’s current state and called for confidence-building measures. The Council stressed the need for investment in infrastructure, marketing, and branding.
- Market Potential and Partnerships: emphasised the importance of ODC’s active participation, the future potential of diamonds in the Chinese and Indian markets, and building partnerships with NDC and companies in different regions.