The latest Bain report on diamonds is out, and it puts a sparkle on what is definitely a trying time for the world’s diamond industry. So will the coming year shine or is the future cloudy? Let’s take a look.
A slump in the diamond polishing industry centered in the Indian city of Surat has led to the layoffs of upwards of 100,000 people, and that situation is expected to get worse this fall. No one is exactly sure what’s gone wrong – or more likely, several things are to blame. In any case, the situation has become dire for the people who eke out a living shaping the stones people around the world pay top dollar to put on their fingers and hang around their necks.