As the world confronts increasingly inward-looking and protectionist political agendas in the US and the UK, with many European countries threatening to follow suit and the looming threat of a trade war between the US and China, the global gem and jewellery industry, with its continent-spanning production pipeline, appears increasingly vulnerable to disruption and a downward spiral in business.
You are here
The Indian government’s sudden demonetisation of ₹500 and ₹1,000 notes in November this year did more than just create a cash crunch for the domestic jewellery industry. It has deflated a giant market that has, over many years, lifted Indian jewellery consumption to sky high levels and insulated retailers from the vagaries of the consumer marketplace that have impacted their colleagues in other countries.
The issue of creating a mechanism for the valuation of diamonds produced by artisanal and other miners in Africa in order to provide them with fair value for their stones was one of the major debates that took place at during the KP Plenary meeting in Dubai last week — and rightly so. The KP Chair and his team have been working hard on this issue during 2016, inviting a wide range of industry experts to meetings on the subject.