We are deep into the summer season, a time when we slow down, go off on vacation and enjoy leisure time. This is the time of the year when the diamond industry slows down as well. We are indeed experiencing a seasonal lull during what has been an excellent year for our industry, and which I believe will continue to be so.
There is no doubt that the war in the Ukraine and the sanctions on Russia have had an impact on our industry. There is a shortage of goods in various categories, especially in the larger stones. Still the US market remains strong, even with growing inflation, and indications are that we can expect a strong holiday season.
I would like to share some good news about Get-Diamonds. The WFDB-owned B2B platform has seen steady growth in past few months, with the number of users growing substantially. Get is also in the process of launching a number of new features that make it unique among diamond platforms. In March, Get launched data-driven online tenders with a seamless transaction process managed by Hennig and they have held several very successful tenders since then. Last week Get-Diamonds launched VIRTUAL HAND, an AR tool that enables buyers to virtually try-on diamond rings in different sizes, cuts, and settings, using computerized imaging. And in a few weeks, Get will be introducing “Buy Now”, which will allow buyers to purchase stones directly on the site.
The WFDB is planning to hold the next World Diamond Congress in March 28 – 30, 2023 in Israel. The Congress will be the culmination of a series of events that the Israel Diamond Exchange is holding during that week. We will provide more information about the Congress soon.
In the meantime, enjoy your summer holidays.