Industry stakeholders weigh in on the impact of the Covid-19 crisis on the jewellery sector and how businesses are gradually regaining momentum.
"We are seeing some signs of recovery. It is clear that the responsible policy of De Beers and Alrosa of limiting production and flexibility toward customers, along with the limited capacity of the Surat manufacturing centre, has had a positive effect on the diamond pipeline. Manufacturers’ profit margins have improved and they are better than before the pandemic. They are able to buy only the rough they need to meet actual demand." – Yoram Dvash, acting president of the World Federation of Diamond Bourses
"Pearl traders specialising in exports are suffering because of the virus since there are no flights in and out of Japan. There are no trade shows and no tourists as well. But some companies, like us, still make decent sales domestically, with buyers opting for smaller but better-quality goods." – Yoshihiro Shimizu, chairman of Japan Pearl Exporters' Association