GJEPC hosted a meeting at its Mumbai headquarters on October 3, 2023, with delegates from Namib Desert Diamonds (NAMDIA), to tackle the ongoing concerns and obstacles confronting the Indian diamond industry,
The meeting addressed several critical issues in the diamond industry. Market dynamics revealed concerns about lab-grown diamonds, with a significant influx from China shifting manufacturing from traditional centers. The lab-grown diamond crisis, driven by affordability, raised worries about its ongoing impact on the industry, particularly in the U.S. market.
During the meeting, several key observations were made. A substantial inventory buildup and falling polished diamond prices were noted, with hopes for market stabilisation and demand recovery by year-end.
Marketing and membership protection were emphasised, including the collection of funds for marketing efforts. The meeting stressed the importance of protecting member interests and countering the rise of lab-grown diamonds through increased marketing.
Lastly, concerns regarding economic downturns in major markets like China and India were discussed, with a call for collaborative efforts to address these challenges.