We are almost back to normal in most aspects of our lives. A large percentage of us have been vaccinated. We are seeing family and friends. We are beginning to travel and to dine out, and even to attend concerts and events. We are clearly emerging from the darkness of the pandemic into the light of everyday life.
The major diamond centers are rebounding, with exports and imports showing huge increases. Demand is up in the United States, China and Europe. Trade shows, finally, are going back to physical events. Soon we will be meeting again in Las Vegas, Hong Kong and other locations.
Thankfully, India, the world’s largest center for diamond manufacturing and trade, which was so harshly affected by the pandemic, is stabilizing. Vaccinations are proceeding at a rapid pace, and both Mumbai and Surat are slowly getting back to normal.
Today, the diamond market is hot, some are saying too hot. Retailers are seeing strong sales of polished diamonds and supply is tight, causing a surge in polished prices. At the same time, rough supply is limited and this is causing a jump in rough prices.
With all of the happiness we are feeling as we get back to normal, we need to be cautious. We all know that the market is cyclical and it can change quickly. Consumers could replace jewelry purchases with travel. Supply could outweigh demand. I therefore urge you all to exercise caution and wisdom in your business decisions.
To sum up, after a year and a half of the worst disaster to hit the diamond world, we can be very proud of how we weathered this crisis. I salute the strength and resilience of the WFDB members and the world diamond industry as a whole.
Stay healthy and safe,