Diwali is a festival of color, light, prosperity, good health and happiness. Moreover, it is also an important symbol of togetherness and positivity. And how fitting that we as an industry, in the challenging times that we face today, remain positive, integrated and united.
The last couple of years have been difficult and challenging for our industry, especially the midstream. The lack of sustained consistency and profitability in business (in all business lines – rough distribution, manufacturing, polished distribution, jewelry), the challenging consumer markets in the Far East and India, the changing landscape and structure of the retail jewelry environment in the US, the increased compliance within our trade, the tightening of global finance, and the advent of lab-grown diamonds – all these elements have impacted our global diamond and jewelry business. But change is inevitable and the only constant; so we need to embrace this change, be positive and reinvent our business – and all of this TOGETHER.
We need to share ideas – whether it is internal business models, technological advancement, consumer marketing concepts, the creation of online distribution channels, finance models, etc. And importantly, we need to be together and stronger together in our representation to the governments, consumers and various organizations across the world - the industry lobby needs to address the common challenges facing the midstream, consumer demand and how we can increase employment in our industry together with growing demand among both the new and old consumers of today.
We have to be proud as an industry of what we have achieved over the years and decades – passing this diamond dream throughout different generations. We are one of the oldest industries in the world with a unique track record and we need to portray this to the world. Diamonds have not only enchanted consumers globally across various segments but also have created employment to millions worldwide and have benefitted, helped improve lives and created infrastructure in many African countries – a prime example being Botswana. Diamonds have done good in whatever lives they have touched globally. And we need to learn and embrace this and bring this positivity as we embark on a new year.
Let us all keep thinking about becoming better and more agile as businesses in this highly volatile and constantly changing world and macro environment - whether it is the way we attract the new-gen consumers to diamonds, whether using innovative ways of branding and using online tools to market diamonds, whether in the invention of new and efficient technologies, cost synergies, more professionally structured businesses while keeping that personal interaction and effort and most importantly sharing ideas, acting in unison and communicating amongst ourselves better and communicating and relating to the consumer and various stakeholders (miners, bankers, government, retailers, other industry players) better.
Wishing everyone a very Happy Diwali and Prosperous and Positive New Year!
Spread that positivity to everyone around you and you will see a change towards a brighter future.
Regards, Arjav Mehta Director, Arjav Diamonds
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