2020 is a very hard year for the diamond industry (for most of us, for most industries, in fact).
Lower demand, lower prices, closures, unemployment, uncertainty.
The industry will recover, eventually; it’ll be different, as previous social, economic and technological trends have been accelerated or amplified by the pandemic shock and its economic aftershocks.
In my perspective, synthetic diamonds, XRT scanners, blockchain, sustainability, new consumers’ buying options, social license, origin certification, Asia, are forces to follow.
The industry’s fate is to adapt or die.
Pranay Narvekar and Chaim Even Zohar share their take on the industry’s changes in a report on the 2019 diamond pipeline. It’s always worth reading.