The only product I know of that doesn’t really need continuous promotions is bread. This is one product that will sell itself even in the most adverse market conditions simply because it is essential for human survival. For every other manufactured thing, it is a constant battle for survival in a crowded marketplace.
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The diamond industry has of late been wracked by a string of bankruptcies all over the world — India, Antwerp, Hong Kong, Dubai and Bangkok, just to name the main centres. The industry is braced for more to come and what is really worrying is that those who will be impacted most are not those going bankrupt, but those whom they owe money when they go belly-up.
If there is one attribute that is vital to the the diamond, it is the belief and confidence invested in it by consumers and thus through diffusion, the confidence that financial institutions repose in the diamond industry.
This vital attribute is in great danger today.