On 12th August 2024, the Gem and Jewellery Export Promotion Council (GJEPC) met with a high-level delegation from the Namibia Diamond Board at the GJEPC Head Office in the Bharat Diamond Bourse (BDB) in Mumbai. The meeting initiated discussions on collaborations to enhance the diamond industries of both countries.
The conversation, led by key figures from Namibia’s diamond sector, including Brent Eiseb, CEO of the Namibia Diamond Trading Company (NDTC), and senior executives from De Beers Marine Namibia and TaTe Diamonds, focused on the challenges faced by the global diamond industry and the opportunities for joint initiatives to strengthen their respective markets.
Focus on Addressing Industry Challenges
One of the key topics of discussion was the increasing pressures on the natural diamond sector, such as rising production costs and competition from lab-grown diamonds. These challenges have affected traditional diamond markets, prompting discussions on sustainability.
The GJEPC emphasised India’s pivotal role as a leading diamond hub, both in terms of manufacturing and trade. In response, they proposed that Namibia consider holding diamond auctions in India, using the Special Notified Zones (SNZ) in Mumbai and Surat, which have seen policy adjustments to boost India’s diamond market competitiveness.
Collaborative Efforts to Strengthen the Natural Diamond Sector
Both GJEPC and the Namibia Diamond Board recognised the importance of joint efforts to maintain the competitiveness of natural diamonds in an evolving market. One of the key proposals was to embark on joint marketing initiatives aimed at promoting natural diamonds globally. This aligns with the broader industry trend of strengthening consumer confidence in natural diamonds amidst rising demand for lab-grown alternatives.
In addition to marketing, the parties discussed potential knowledge-sharing and skill development programmes, which could benefit both countries by enhancing expertise and capacity in diamond cutting, polishing, and trade. Such initiatives could help elevate both India’s and Namibia’s standing in the global diamond value chain, while also creating a more sustainable framework for industry growth.
Implications for the Jewellery Industry
For jewellers, the outcome of these discussions holds considerable significance. Collaborations between major diamond-producing and trading nations may help stabilise supply chains and support the natural diamond market. Should Namibia move forward with auctioning diamonds in India’s SNZs, this could lead to increased availability of rough diamonds, benefiting manufacturers and traders alike. Joint marketing campaigns could help promote natural diamonds, which may benefit jewellers dealing with increased competition from lab-grown alternatives.
This meeting signals a shared interest between India and Namibia in ensuring the long-term sustainability of the natural diamond industry, a development that jewellers should watch closely as it could have impacts on global diamond pricing, availability, and consumer trends.
Ongoing Dialogue and Future Collaboration
The discussions concluded with a mutual agreement to maintain regular communication and explore additional areas of collaboration. The ongoing dialogue reflects both nations’ interest in maintaining a strong presence in the global diamond market, as they adapt to emerging industry trends.
As the diamond industry continues to evolve, partnerships like these will be important in helping both countries navigate challenges and seize new opportunities. The jewellery industry could benefit from these collaborations, with the potential for a more resilient and sustainable natural diamond sector emerging as a result.
