Aspects that are going to help revive the diamond trade
Image by Charles Davis from Pixabay
It is no wonder that the pandemic bought multiple businesses around the world to their knees. Businesses were finding it hard to close quarterly sales and revenue sheets, with the pandemic posing hindrances in all ways possible. One such industry that saw the brink of biting the dust was the diamond industry.
To obtain revenue in the diamond industry, there are many factors that need to work to get it right. Starting from effective mining, availability of skilled artisans and stores to run the sales, all these factors served crucial for the revenue generation aspect. But with the pandemic in place, the operation and productivity of these factors took a dominant hit.
The raw material acquisition aspect:
Mines were operational, but not as efficient as they used to be. It was stated that the mines operational efficiency dropped to at least 60% during the pandemic. This was due to the implied social distancing rules and hygiene precautions that made the industry go on a tight leash when it came to production as well.
The production aspect:
The artisans or the skilled jewelers who were responsible for how the designs turned out were not able to work from home. With no work forecasted for a long time, these artisans started migrating to places in search of work opportunities to survive and sustain themselves.
The sales aspect:
One of the crucial pillars of the diamond industry was sales. The sales of the diamond industry saw a massive opportunity on the horizon, with millennials and gen Z opting towards diamond jewelry as their choice of preference. But with the pandemic and with fewer to zero stores open, that scope of sales also vanished for the diamond industry.
Store managers and store owners couldn’t bear the expenses of running their outlets, as the sales before the pandemic started at the beginning of the quarter.
The price reduction aspect:
With export rates plunging down drastically, and with sales not improving in the forecast, the rates had to go down significantly to keep the industry afloat. The price of diamonds came down by 25% with the intention of driving sales. But with no outlets and stores to promote sales, they were restricted online, where many other factors like trust, reliability made it even more difficult.
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