Current Trends in the Diamond Industry
Posted by Hari Krishna
August 14, 2020
If you belong to the diamond industry, either as a buyer or a seller, it is important to take note of the current trends that shape the industry.
It will not only help you build insights for the diamond trade, but also improve your buying patterns and enhance decision making.
Over the past decade, the industry has undergone tremendous changes, which have influenced businesses across the world.
Here, we will discuss a few emerging and already emerged current trends that we believe you should know.
This will help you identify with how to purchase a diamond and what things to consider when purchasing a new diamond for your requirements.
As with other industries, it is obvious that millennials are going to reign this industry as well. This generation is said to spend a good amount of money on purchasing diamond jewellery, which means businesses operating in the diamond industry ought to consider their requirements and should look for insights into a millennial mind before purchasing or selling diamonds. Apart from ethical and environmental concerns, there is a certain influence that they have on the diamond shape, cut, and size.
For years, a lot of diamonds have been mined, which has led to diamonds going deeper into the earth. Mining requires a lot of resources and tools. The cost of mining these diamonds has increased, which has led to an increase in the cost of rough production.
Five Essential Diamond Facts
This will surely reflect in the price of the diamond. It will also lead to a substantial rise in the unit capital cost at the mine. As a result, manufacturers will need to work on reducing costs and improving overall productivity for better demand.
There is a high probability that new exploration sites and finds will take place across the world, which can increase the physical and political constraints involved with diamond mining and production.
Owing to the increasing costs and the increasing issues, there is a high possibility that manufacturers will look for optimized ways in which they can cut, and polish the diamonds for greater efficiency and improved outcomes.
Technologies have been defined for this purpose, and at this moment only a few manufacturers have sought these methods. However, with time a lot of companies will use technology. As a result of this optimization, manufacturers will be able to produce more polished diamonds from fewer rough and uncut diamonds.
The entire value chain for the diamond industry will see the influence of digital technology.
Everyone, from businesses to production and manufacturing units will rely on technology to enhance and improve the overall diamond supply chain, and increase efficiency.
It will not only help in producing good variants of diamond stones but also offer opportunities to increase customers and engage them better.
For instance, Blockchain technology within the diamond will help in helping people know the diamonds in-depth. The complete history, from origin to the present times, would be available via this technology.
Blockchain and AI together can help secure your diamond infrastructure, and make sales and purchases more secure and safe. It will help build trust among your customers and improve your value.
With the emergence of millennials as your key customer group, it has become highly important for diamond companies to standardize their protocols and determine processes. This will not only help them keep up with the certification requirements, but also make sure that they produce standardized, and environmentally friendly diamonds for their customer groups.
A lot of companies have started developing their protocols and principles that help them adhere to the defined standards. Others are concentrating their efforts on imagining a more ethical and sustainable model that will help determine quality outcomes.
The idea is to create environment-friendly and high-value diamonds. Corporate social responsibility is at the core of the ethical and environmental aspects of the diamond industry.
The diamond industry is exploring newer landscapes and opportunities to increase sales and improve customer conversion.
These current trends will reign the industry this year and will help with the planned growth and conversion model. A more ethical side will be displayed to the industry, which will help with enhancing efficiency and increasing the diamond production capabilities.
Explore our exclusive collection of diamonds at our website hk.co or download our advanced-featured Android/iOS hk.co app.
Our shining diamonds – Hari Krishna Exports Pvt. Ltd. – YouTube
