How can diamond producers reinvent their business with blockchain

It would be hard to imagine a more unfortunate series of events for the diamond industry as what we’ve seen so far in 2020. Demand was at one point pushed to near record lows by a combination of cancelled weddings, widespread furloughs and unemployment, disrupted supply chains, and the closure of many retailers on the high street. Gemdax expects excess inventories at the world’s largest diamond producers will hit $4.5 billion by year end, and Moody’s predict a drop in rough-diamond sales of 30 percent to 40 percent this year. Though some economic forecasts are offering a glimpse of a brighter future, the industry still has strides to make if it wants to reach an equilibrium between supply and demand.

The promise of a Christmas and New Year spike in demand is just around the corner, as well as a potential economic recovery pending a second wave, but brands must be more strategic and innovative if they want to be able to capitalize on this. Businesses need to offer their customers something more if they want to ensure that they can differentiate themselves from the competition in what is a buyers’ market.