The diamond industry has for decades, done business with a truly international pipeline — diamonds are mined in some continents, sorted and distributed through centres elsewhere, cut and polished in yet other places, set into jewellery in centres that could be in a fourth geographic location and finally consumed in bulk in places like the US, Japan and China — the first two having had nothing to do with the process pipeline whatsoever.
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In world unsettled by political and economic upheavals, with looming trade wars and protectionist rhetoric, the one key factor necessary for the gem and jewellery industry, that is international by its very nature, to maintain its equilibrium and power forward successfully, is confidence.
Brace yourselves. The massive financial fraud (so far they’ve unearthed $1.8 billion but it looks like there’s more to come) involving Nirav Modi and Mehul Choksi looks like snowballing into something much bigger — a knockout punch for the industry as far as consumer confidence is concerned.