Dear Friends,
The holidays are upon us. Both Christmas and Hanukkah fall this year on the same day – December 25. I’m sure many of you are planning lovely get-togethers with family and friends. That’s what the holidays are for.
For months, the diamond and jewelry industries worldwide have been focusing their efforts on the holiday season, traditionally the annual peak period, especially in the United States. While it is still too early to know how diamond sales fared, I am cautiously optimistic about this holiday season. And as I look ahead into the New Year, I foresee a positive trend in natural diamond demand, from the 3rd quarter of 2025.
This past year has been especially challenging for the world diamond industry, with a dramatic decline in polished natural diamond demand. Every diamond center has experienced it and is suffering from its consequences.
We all know the reasons for the decline. The global economic situation, stagnation in the huge Chinese market, the huge influx of lab-grown diamonds and years of ignoring the importance of generic marketing.
The industry has finally woken up and is talking about the importance of cooperating in a comprehensive effort to deal with these issues. The mechanism for collecting funds for generic advertising, which was discussed last month in Dubai, is still in the early stages. I greatly hope that this initiative, or any other one that works to solve the industry’s problems, will bear fruit. In the long run, it is extremely important that we all work together as a united front.
I want to wish you all a very happy holiday. I look forward to writing to you again in the New Year.
Warm regards,
Yoram Dvash
