2020 has been a real eye opener for everyone. From massive pay-cuts, employee layoffs, sinking economies to depleting revenues, businesses have seen it all. Lucky are the businesses who were able to survive this massive boulder of losses as no industry was left unscathed. The luxury sector was one of the biggest industries to take massive blows as people’s focus shifted strictly towards essential products. One such business being the #Diamond Industry.
Ever since the worldwide lockdown was announced starting March 2020, the industry almost came to a standstill. Due to a decline in demand and large inventory hoardings the pre - defined prices of diamonds slumped down as traders started selling diamonds at a lower price in order to generate revenue and gain some liquidity. The industry also reacted to the price discrepancy created by a reputed international organisations at such difficult times.
As months passed and things started getting better with governments pumping money into the economy, most consumers realised that their money couldn’t be spent well on experiences such as travelling and sightseeing therefore leading to an increase in demand in the diamond & jewellery sector. Most sales of diamonds used to happen offline since traders and brokers preferred checking the quality of their diamonds personally before purchasing them but owing to the travel ban and norms of self-isolation and social distancing these practices are barely executable today acting as boulder on the way. But as we continue to live on in difficult times as such it is time we change our patterns of conducting business. Adapting to new ways of doing business instead of relying on traditional methods the trade took the turn and started being akin to buying online.
Indeed 2020 has been a monumental year, although we believe it’ll definitely be fruitful as we proceed towards a new era in the diamond industry.
.svg)
.svg)
.svg)
%202.svg)
