JCK Las Vegas 2021: Post-Pandemic Recovery Track for the Diamond Industry
Posted by Hari Krishna
August 3, 2021
We have already discussed a lot about how the corona-virus pandemic has affected the global diamond industry.
Here we will discuss how the industry is recovering after the pandemic and how JCK Las Vegas and Luxury at JCK 2021 will help accelerate the recovery process.
If you have missed any of our previous articles, here are the direct links.
https://www.hk.co/blog/diamond-industry-effect-of-covid-19-second-wave/.
https://www.hk.co/blog/2021-diamond-industry-update/.
For better understanding, we recommend you to check out our previous articles, then come back to this one.
If you look around, you will find that the pandemic has stimulated the already existing issues in all spheres of socio-economic headway of the society, which, however, triggered new trends to develop.
The diamond industry has also seen some freshly-developed trends and some refinements in already existing trends in business practices, marketing, and association across the supply chain.
For example, the diamond supply chain is moving digital. A digital diamond pipeline for the rough and polished diamond trade is now becoming more efficient and expanding now more than ever.
Furthermore, sustainability and transparency have become of utmost importance to the customers and stakeholders across the diamond supply chain.
Diamond traceability, for say, has now been on the top of the mind of all diamond mining, manufacturing, trading companies across the globe.
Well, these are some already existing trends that have now been accelerated post-pandemic.
If we focus on the newly developed trends, then significant among them are the healthy level of midstream inventories in the diamond supply chain, partnerships between upstream and midstream level companies vis-à technology, go-to marketing strategy, etc.
However, the question here is how the industry is coping up and performing with the post-pandemic challenges?
Well, it is too early to get to any conclusions on the above queries. Although, we can get the outlook of where the industry recovery path is going. Hence, let us have a better look at this right away:
The luxury industry in general and the diamond industry, in particular, performed better than any other industry in showing post-pandemic resilience.
The primary reason for that is the shifting of consumer preferences. Now that travel is not possible many consumers have a more discretionary amount of money in their hands to spend on luxury.
Also, people now have started considering their wedding plans, which were pending due to pandemic restrictions. Such growth driving factors were projected in 2020 to last throughout the year 2021.
Diamonds and diamond jewellery sales in the USA and China have surpassed their pre-pandemic levels in April-May 2021, as per the report by Natural Diamond Council (NDC).
Such an excellent recovery in the two largest luxury markets (the USA and China) was beyond any projections.
However, this ultimately inspirited the demand for cut and polished diamonds in the midstream diamond supply chain as they had to refurbish their inventory.
Since we are talking about the midstream diamond supply chain, India is the heart of the global natural diamond manufacturing sector.
India also witnessed an impressive hike of 21% in cut and polished diamonds exports during April-May 2021 compared to their pre-pandemic levels, according to Gem & Jewellery Export Promotion Council (GJEPC).
Such an impressive export hike is because the manufacturers had to keep pace with the increased luxury demands from the USA, China, Europe, etc.
Although, during both months, Indian natural diamond manufacturing units were operative with limited labor and (2nd) lockdown restrictions.
Following the current trend of accelerated recovery of the global diamond market, we can predict the future demand dynamics shaping as per the GDP and disposable income growth globally.
Millennials and Generation Z will drive this growth engine for the industry recovery with their innovative diamond purchase preferences leaning more towards sustainability and empowerment.
Experts of the industry are speculating evidence of pivotal recovery by the end of 2021, while the full recovery will take a couple of more years as the excess stock will gradually enter the diamond supply chain by that time.
The reason here is that even if the pandemic after-effects are gone, businesses across the industry may consider restructuring their business models and practices to reckon with the future articulacy.
For example, exploring transparent and digitally more enabled diamond supply chains, innovative & distinct approaches for customer engagement, etc.
Such changes and developments will help the industry get out of the crisis caused by the pandemic in a better & stronger state than before.
There is no doubt that digital is a savior for the industry looking at the current times, as it facilitates a more direct and coherent business.
However, some traditional ways of doing business can also help the industry to recover faster and better. One of which is the Trade Show.
Since one of the most epic and influential trade & jewellery shows – JCK Las Vegas 2021 and Luxury by JCK 2021 is lining up next month, let us discuss how it will boost this recovery process.
This year, the JCK Las Vegas 2021 and Luxury by JCK are following on August 27-30, 2021, and August 24-30, 2021, respectively, at the Venetian Resort & Sands Expo in Las Vegas, NV.
Trade shows, in general, provide all diamond miners, diamond manufacturers & exporters, and diamond retailers, a pivotal opportunity to collaborate beyond business.
And when we consider JCK Las Vegas and Luxury by JCK, then its privileges defy descriptions.
Every year, over 20,000 industry professionals and buyers attend this show, making it an experience full of inspiration, education, networking, and delight.
This year, especially after the break of over two years, this experience goes beyond just business and personal.
This year, it is more about reuniting with the industry community, which will play a vital role in shaping the future of the diamond and jewellery industry.
As far as the threat of the pandemic outbreak is concerned, the availability of vaccines in most countries with appropriate social distancing and safety measures may somehow prevent the situation from getting out of hand.
We strongly believe that the pent-up demands of diamonds and diamond jewellery across the globe will empower the businesses to attend the show to stock up their inventory with trendy items.
Also, for some diamond and jewellery retailers, finding the perfect inventory at fair prices directly from the manufacturers may be hard after the pandemic.
So, attending the JCK Las Vegas is a golden opportunity for such businesses to find suitable inventory and do business in a better way.
Yes, Hari Krishna Exports will participate in JCK Las Vegas 2021 with Booth – 13079 at the Venetian Resort & Sands Expo in Las Vegas, NV, on August 27-30, 2021.
Besides our high-quality diamonds, all our sales, and marketing teams at HK Capital, BKC – Mumbai, are ready with a complete vaccination against COVID-19 ahead of this show.
HK will avail 100% natural ethically sourced high-quality diamonds in 9+ different shapes, 0.18 to 50 carats plus in size, supported by the in-house Faith Certificate along with third-party certifications from GIA, IGI, HRD, GSI, GSL, NGTC, etc.
Have you registered for JCK Las Vegas to visit HK? If not, do it now by clicking the link below:
Register for JCK Las Vegas 2021 – https://lasvegas.jckonline.com/en-us/register-to-attend.html
See you at JCK!
