The Importance of Local Diamond Industry Expertise

Whether you’re an independent diamond retailer, jewelry designer-maker, member of the press or consumer, it’s important to know who you can turn to for expert insight. The right person will be able to give you quick and concrete answers. They will be someone you can rely on to support your business and to share their wealth of knowledge with you.

This is particularly true in the diamond industry. A gemological professional’s local expertise allows them to provide invaluable insights and recommendations that will help you succeed in the industry. They will be able to provide you with valuable information on everything from the quality of your rough diamonds, the pricing structure in the market, and how to best prepare and present a polished or rough diamond for sale. They will also be able to advise you on the most appropriate grading and certification processes to use.

As part of their local expertise, most gemologists are very familiar with the regional markets in which they operate. They are able to offer insight into the local demand, trends and competition. They can also provide valuable advice on how to better manage your inventory and stock, as well as how to improve your sales process.

Moreover, they will have an in-depth understanding of the local supply chain. This will enable them to develop and implement initiatives to enhance the value of diamonds in your market. In addition to this, they will be able to identify and mitigate risks in the supply chain. This will be beneficial for you as a business owner and for your customers.

The ethical trade in natural diamonds contributes to the prosperity and welfare of host countries. This includes supporting free education, building and staffing hospitals and creating jobs for life in mining communities. It has also helped reduce the spread of HIV in Botswana by contributing to the provision of free anti-retroviral treatment. In addition to this, it supports the conservation of more than 654,000 acres of wilderness and protects biodiversity in the wild.

Natural diamond Council (NDC) members recover approximately 75% of the world’s diamond production, generating more than $16 billion per year in socio-economic and environmental benefits for the countries where they operate. These benefits are injected into local communities through job creation, taxes and royalties, sourcing of goods and services, community development programmes, conservation efforts and infrastructure investments.

While the short-term market outlook remains challenging, diamond industry experts are confident that it will rebalance in 2021-22. With robust rough production and a healthy pipeline of polishing and cutting, prices will rebound and the industry will emerge from this period stronger than ever.

In the longer term, the diamond industry will continue to invest in technology to gain operational efficiency and create marketing and consumer experiences that attract consumers. In addition, it will invest in its people and accelerate e-commerce schemes to reach new markets. This will ensure that the industry is resilient and able to respond quickly to any unforeseen economic or geopolitical shocks.