However, group head of media relations Lynette Gould said in an exclusive interview with Rough & Polished that demand for their rough diamonds in the fourth quarter of 2016, the rest of the product mix, continued to be healthy.
She said sales also remained in line with seasonal expectations.
“Over the medium and long term, the supply-demand fundamentals of the diamond industry are positive and continue to point to future growth,” said Gould.
“India’s diamond consumer market has achieved almost uninterrupted growth over the last two decades, with demand for diamond jewellery expanding in 19 of the last 20 years, in rupee terms.
“In the last decade alone, the market has nearly trebled in size to about INR220 billion. And, the future is just as promising.”
She said India was home to a highly dynamic, growing consumer market; fuelled by a fast expanding economy, a widening consumer base and a culture where precious jewellery plays an intrinsic role in social occasions and family traditions.
“In particular, India’s middle classes are growing rapidly, with the purchasing power of the highest income households expected to rise at the fastest pace,” Gould said.
“So in the long run, we believe there is as much untapped opportunity for the diamond industry in India as anywhere else in the world.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished