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In this episode of Commodity Champions, the focus is on diamonds — be it the natural diamonds or the lab grown ones. The profitability of the industry seems to be slightly in question. The Ukraine crisis, for instance, has boosted demand for rough diamonds but supplies clearly have been on a curb.
To discuss the key economics of the industry, CNBC-TV18’s Manisha Gupta spoke with Sachin Jain, Managing Director of De Beers India, Ashish Pethe, Chairman of Gem & Jewellery Domestic Council (GJC), and Shashikant Shah of LGDC.
Jain believes there is a surge in demand at the end-client level. "When you say about 10-15 percent price increase in the last few months, it necessarily hasn't been the case across but in certain pockets. A large part of the consumption where we see in India, we see a change in just moving from all small diamonds to slightly bigger ones," he said.
He is positive about 2022 as a whole, given the price instability last year. He believes that this time around, the price is going to be slightly more stable.