Diamond industry news recap -October 2, 2024
Diamond Industry News Recap:
Weekly News Recap: Key Updates from the Jewelry and Watch Industries
This week, Owl Financial Group brings you the latest developments from the world of luxury goods and gemstones. From historic diamond necklaces to the diamond market’s "new normal," dive into the essential updates you need to know.
India’s Manufacturing Sector Faces Decade-Low Revenues
India’s diamond polishing revenues are forecasted to hit their lowest in a decade, with sales expected to drop up to 27% to $12 billion by March 2025, according to Crisil Ratings. The slowdown stems from weak demand in the US and China, falling diamond prices, and a growing shift toward lab-grown diamonds. The Indian industry has responded by limiting rough purchases and curbing manufacturing to stabilize margins in the coming fiscal year.
Synthetics Maker Lusix to Sell for $2.5M
Israeli synthetic diamond producer Lusix is set to be sold to Japanese company EDP for $2.5 million, following significant financial struggles. Despite receiving over $150 million in investments, Lusix amassed debts of $28 million, and most of its workforce will be laid off as part of the sale. The decline in synthetic diamond prices has been a major factor in Lusix’s challenges.
$20,000 Apple Watch Case with 1,068 Diamonds
A Swedish company has introduced a diamond-encrusted case for the Apple Watch, priced at $20,000. Featuring 1,068 hand-set VVS diamonds, the limited-edition case is a luxurious addition to Apple’s technology, with only 10 pieces being produced to mark the company’s 10th anniversary.
IDEX Price Report: Decline Continues for Rounds and Fancies
September saw further price drops for both round and fancy-cut polished diamonds, with few signs of recovery. The decline has been driven by weak consumer demand and the growing popularity of lab-grown diamonds. India’s manufacturing sector has been particularly hard-hit, with year-on-year production down by nearly a quarter.
Is Current Diamond Industry Turbulence Shaping a ‘New Normal’?
The Indian diamond industry has been navigating significant challenges as polished inventories grow while prices remain flat. Companies are now adopting different strategies, including shorter work weeks and extended vacations, to manage the volatility. Some, like Venus Jewel, are focusing more on the domestic Indian market, while others are re-evaluating their operations to cope with the ongoing turbulence.
CALL US TODAY at 212-319-1250 for a private, discreet conversation on how you can leverage your jewelry assets to meet your cash needs.You can also email us at info@owlfinancialgroup.com with any questions you may have or schedule a meeting at our offices. https://linktr.ee/owlfinancialgroup
Owl Financial Group - Respected and trusted by Jewelers and Manufacturers throughout the world for over a decade.
Warm Regards,
Kathy Hillelson & Kalman Klein
Owl Financial Group, LLC
P: 212.319.1250 | F: 888.518.5744 | 844.CALL.OWL
info@owlfinancialgroup.com
#jeweler #diamondindustry #diamonddealers #diamonddistrict #diamonddistrictnyc#47thstreet #jckevents #rapaport #rapaportmagazine #gemstone #cusioncut #carat#emeraldcut #gemology #gianewyork