De Beers is collaborating with India’s Gem and Jewellery Export Promotion Council (GJEPC) to enhance the promotion and sales of natural diamonds in the domestic market. The two organizations held a meeting last week in Mumbai to discuss strategies for educating and supporting retailers, especially in smaller towns and cities across India.
Both De Beers and the GJEPC, which has 10,000 members predominantly consisting of manufacturers, are currently facing economic challenges. De Beers, struggling with financial losses, has canceled its upcoming Sight auction due to a continued decline in global diamond demand. Additionally, the company’s parent organization, Anglo American, is in the process of seeking a new owner.
Indian exports of polished diamonds have been declining throughout the year. In June, exports fell by 26 percent year-on-year to $1.02 billion. Furthermore, Kiran Gems, a major manufacturer, has announced a 10-day operational shutdown starting next week for its 50,000 polishers.
The GJEPC stated on its website that De Beers emphasized the need to use industry expertise to tackle market-specific issues and provide essential education and support to retailers, especially those in smaller markets. The joint initiative aims to highlight the value of natural diamonds and encourage retailers to broaden their product offerings.
