{"id":37534,"date":"2026-08-11T19:07:47","date_gmt":"2026-08-11T13:37:47","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=37534"},"modified":"2026-08-11T19:07:47","modified_gmt":"2026-08-11T13:37:47","slug":"edahn-golan-calls-for-india-to-champion-global-diamond-demand","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/edahn-golan-calls-for-india-to-champion-global-diamond-demand\/","title":{"rendered":"Edahn Golan Calls for India to Champion Global Diamond Demand"},"content":{"rendered":"

Veteran diamond industry analyst and Tenoris Co-Managing Partner<\/strong> Edahn Golan<\/strong> believes that the natural diamond industry’s long-term success will depend less on managing supply and more on rebuilding consumer desire, with India uniquely positioned to lead the global marketing effort.<\/em><\/p>\n

For years, the industry blamed falling diamond prices on China, lab-grown diamonds, excess inventories and weak consumer sentiment. Which of these explanations is overstated, and which structural problem are we still refusing to confront?<\/strong><\/p>\n

I don\u2019t think these were overstated. Chinese retailers sold millions of carats back into the midstream, lab-grown diamonds are the preferred choice for diamond engagement rings (DERs) in the US\u2014the most important diamond jewellery item in the most important market\u2014and consumer sentiment waned due to poor marketing.<\/p>\n

If anything, inventory levels were somewhat understated. That said, since it\u2019s completely in the hands of the industry, it was able to address it, and it did so well. The ones that paid the price for that were mainly miners that had to either hold back on sales, resulting in a buildup in their inventory, or reduce prices to generate cash flow.<\/p>\n

With two exceptions, these issues were resolved. Lab-grown diamonds in DERs were, in many ways, neglected, and I\u2019m wondering if American consumers didn\u2019t give up on the concept of a natural and valuable token of love. The other is marketing, which looks like it\u2019s back in full swing these days, as evidenced by the rise in demand for browns, lower-clarity, as well as high-priced items. All three have seen a rise in unit sales and price per item.<\/p>\n

It is my hope that this turn in marketing will also have a positive impact on demand for DERs set with natural diamonds.<\/p>\n

\"\"<\/p>\n

The natural diamond industry spent decades promoting scarcity. Yet consumers witnessed a prolonged collapse in prices. Why should a young buyer today believe that a natural diamond is a store of value?<\/strong><\/p>\n

I see them as separate issues. Scarcity is a fact, as diamond mining is slowing down, and many mines are closing after being depleted.<\/p>\n

As for enduring value, I\u2019m not sure most consumers buy diamonds as an economic tool. Diamonds are purchased for their beauty and symbolism. That said, prices of high-end polished diamonds are strong, while the value of the rest is fairly stable, although we are seeing long-term erosion.<\/p>\n

The industry often talks about demand recovery. Should the real discussion be about permanently lower demand and how to build a profitable business around that reality?<\/strong><\/p>\n

In theory, retail logic dictates focusing on higher-priced items purchased by consumers with above-average incomes. But that also may mean that many mines won\u2019t survive.<\/p>\n

Also, we need to keep in mind that less-than-perfect diamonds don\u2019t face competition from LGs, which aim to have \u201cperfect\u201d colour and clarity. These items fulfil the desire for accessible diamonds. This is no different from watches. You may strive for a Rolex or a Patek, but in the meantime own a lower-cost mechanical watch such as a Grand Seiko or Longines.<\/p>\n

If lab-grown diamonds had never existed, would the natural diamond industry still be facing a crisis today?<\/strong><\/p>\n

No idea! LG created a halo effect, resulting in diamond consumers buying larger diamonds. The hollow claim of LG being more \u201cethical\u201d encouraged the industry to double down on its efforts to trace diamonds and increased the importance of the role that industry organisations play. They include the RJC, for example.<\/p>\n

Recycling, inherited jewellery and secondary-market diamonds are becoming significant sources of supply. Is the industry\u2019s future challenge one of demand creation rather than production management?<\/strong><\/p>\n

Creating and maintaining consumer demand is always important when dealing with consumer products. That can\u2019t go away.<\/p>\n

Downstream supply, be it production or recycling, should be dictated by real consumer demand. That requires suppliers up the value chain to have a close and detailed view of retail reality.<\/p>\n

\"\"<\/p>\n

The diamond pipeline was built for a world of expanding consumption. What parts of that pipeline have become obsolete?<\/strong><\/p>\n

One of the changes we have seen over the years is that a section of the midstream, namely traders that don\u2019t manufacture, is shrinking. That is part of the industry\u2019s evolution. As the finances and operations of the midstream become more fit, there is less room for traders that don\u2019t really add value.<\/p>\n

We frequently hear that younger consumers want authenticity and provenance. Are we confusing what consumers say in surveys with what they actually buy?<\/strong><\/p>\n

Yes, that is an important point about human behaviour. We say what we believe is right, but act on our needs. These needs often include using our discretionary income carefully. We therefore may say that we prefer ethical products but choose not to pay extra to purchase them.<\/p>\n

For decades, India mastered the art of manufacturing diamonds. Is the onus on India now to master the art of creating desire for diamonds?<\/strong><\/p>\n

Absolutely, and in two different ways. One is locally in India, where creating brands and extending manufacturing into retail is possible.<\/p>\n

The other area is in support of local retailers in the US. There, they should pitch in to support both category marketing and specific programs with retailers.<\/p>\n

Here is why this is important: if 95% of the diamonds are polished in India, then an investment in marketing comes fully back to India. For every dollar spent, it gets 90 cents back, before considering market growth. India should lead this effort and get miners, Belgium, China, and Dubai to chip in.<\/p>\n

From your perspective as an industry observer, what structural or strategic changes would make the natural diamond business more resilient for the future?<\/strong><\/p>\n

High-quality marketing that addresses everything from the desire for luxury to consumer objections. This can be very subtle, yet effective.<\/p>\n","protected":false},"excerpt":{"rendered":"

Veteran diamond industry analyst and Tenoris Co-Managing Partner Edahn Golan believes that the natural diamond industry’s long-term success will depend less on managing supply and more on rebuilding consumer desire, with India uniquely positioned to lead the global marketing effort. 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