Demand Up For High-end Polished Goods: Mahiar Borhanjoo

Mahiar Borhanjoo of UNI Diamonds is optimistic about the performance of polished goods for the rest of the year.

In a webinar hosted last week by Jewellery Outlook Editor David Brough, Uni Diamonds CEO Mahiar Borhanjoo shared his views on how the global polished diamond trade is changing and what the future will bring. 

Here are some key takeaways:

  • There are no drastic decreases expected in polished prices; they will remain steady. There is demand for better quality diamonds especially at the high end — pinks, blues, red diamonds have soared. Mid-size and commercial goods are doing well in Europe, USA and China.
  • Ovals ranging from 70 points to 1.5 carats are in demand because there isn’t enough availability. Top quality larger polished goods between 10 and 20 carats and VVS cushion cuts are being sought after.
  • If you have discretionary income, invest in high-end diamonds. It is a phenomenal investment.
  • India has been badly hit by the second wave and my thoughts are with our Indian partners. The Indian community’s passion and drive to transition quickly and make things work is commendable. BDB and GJEPC were able to address the situation with the government and were phenomenal in executing parcels while adhering to safety norms. Surat has continued to polish and is able to export to other parts of the world, albeit with a 7-day delivery period. Many companies are running two to three shifts in order to maintain social distancing norms. It has allowed manufacturers to continue business at a lower level but it allows them to match the demand in the market.
  • Due to Covid, there has been a shift in business. As issues of delivery are cropping up in some parts of the world, buyers have started sourcing diamonds from Antwerp, Hong Kong where it is available within 24 hours. In France, Switzerland, USA, people are using local providers for polished diamonds and business has not stopped.
  • It’s the age of digital transformation. Trade shows are evolving and a lot of business will eventually go on the internet. Majority of the global companies are able to promote inventory with good photography. We will see fewer physical trade shows with focus on key products.
  • Lesser number of trade shows will help retailers to focus on their business … If they keep attending trade shows for half of the years how will they manage their stores. Most of them are spending nearly 4-5% of their total costs on travelling itself.
  • Lab-grown diamonds (LGDs) is one of the healthiest things to have happened. Man-made diamonds will satisfy the needs of entry-level aspirants, who would want to own a jewellery piece with diamonds, even if it means a lab-grown one. As technology improves, the price gap between natural and LGDs will get bigger.
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