The growing demand for diamonds,coupled with a limited supply of gem-quality goods and the lack of major deposit discoveries,underscores the need for jewellery manufacturers and retailers"to take full advantage of the full spectrum of products coming out of the mines,"an industry expert said at the JNA Online Conference held on November 30.
"Retailers in each market will need to better segment their offers to be able to take full advantage of the full spectrum of products coming out of the mines.Because supply is going to be fairly restricted,in comparison with a growing appetite for diamonds,retailers and operators in general will need to expand their product offerings just to compete for a smaller pool of goods,"said Jean-Marc Lieberherr,chief commercial officer–Diamonds at Rio Tinto Diamonds.
"This means more segmentation,and entering new product categories and price points.This is going to be really important moving forward,"Lieberherr continued.
In addition to Lieberherr,the JNA Online Conference–which carried the theme"A New Era in the Diamond Industry"–also featured Winston Chow,director and deputy general manager of the Chow Sang Sang Group,and Rajesh Lakhani,vice president of Kiran Gems Pvt Ltd,as speakers.The online conference was sponsored by Shree Ramkrishna Exports Pvt Ltd and the Israel Diamond Institute.
In his presentation,Lieberherr said the US remains the largest market for diamonds and has"been resilient."India and China have also entered a"fast-growth period,"and this is reflected not only on their economic growth but on their diamond consumption per capita,he continued.
"This is driven by the growth of middle class,and the growth of product availability through retail expansion,"said Lieberherr."That is especially true in China with the rapid growth in chains."
Register for free to access the JNA Online Conference archives.JNA's print edition will also cover the major highlights of the conference in its January 2013 issue.
