2008 is coming to a close and it has been a less than stellar year in the diamond industry. The year started off with a bang with large diamond prices rising and we all had customers that were willing to buy them. About midway through demand for large diamonds started to wane. Most will place the blame on the economy and and the stock market but I feel that there is something else laying just beneath the surface that is also hurting the demand for diamonds (excluding diamond engagement rings). People are feeling guilty about anything that resembles conspicuous consumption. People are buying things that make them feel good rather than simply for adornment.
My question is “Why aren’t we doing more to make people feel good about diamonds?” All you hear is the negatives and very few people know about the positives. Why aren’t we telling people about beneficiation. Imagine the positive effect on diamond demand if customers knew their purchase was giving back to those who live in countries like Namibia where diamonds are a natural resource. The story needs to be told of the transferable skills that are being taught and the jobs that are being created. This could help get diamonds more in step with the times and connect with next generation. It is time to start making some noise and get this freight train headed in the right direction before it flies off the tracks. Diamonds can still be magical but beneficiation is the key.
Posted under Beneficiation, Namibian Diamonds
This post was written by on December 21, 2008
