JNA Jan/ Feb 2021

專題報道 JNA Jan/Feb 2021 | 19 T he Covid-19 pandemic took a toll on the diamond industry in 2020, affecting the whole value chain. Lockdowns and social distancing policies, coupled with medical and economic uncertainties restrained the operations of brick-and-mortar retailers, limited wedding-related sales, and reduced self-reward and gifting purchases. Travel restrictions and the cancellation of flights and trade shows threw a wrench in the usual business practice of meetings and viewings while limiting the shipment and delivery of diamonds. Factories operated at low capacities due to reductions in rough supply, staff and demand. The coronavirus pandemic continues to cast a shadow over global diamond trade in 2021 but signs of recovery are emerging. Covid-19 is also leaving its mark on the sector through the accelerated adoption of digital initiatives, advanced technologies and new ways of doing business. Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), said the coronavirus’ impact on the sector was early, rapid and extensive. Key markets in Asia including mainland China and Hong Kong – vital to the diamond trade – were hit in January 2020. Europe and the US followed in March. Polished diamond sales plummeted by 80 per cent in all the major centres, from the beginning of the year until July. “When mainland China and other parts of Asia began bouncing back, diamond trading began to climb, even reaching 2019 levels by July. Fortunately, the US market, although still suffering from high levels of Covid-19, is returning to activity, and the holiday season at the end of the year looked quite good. So 2020 was not a total washout for the diamond and jewellery industry,” Dvash said. Changing business landscape Aside from dampening sales, the pandemic also altered how wholesale diamond trade is conducted, the WFDB official noted. Where diamantaires used to travel extensively to meet clients, they realised in 2020 that business processes could be streamlined through online platforms, which are more efficient, quicker and less expensive. This trend will most certainly remain. The trade is also increasingly receptive of advanced technologies and new business models. Dvash believes this will come easier to younger generations. He noted that the WFDB’s Young Diamantaires group of dynamic diamond and jewellery professionals are already making a significant impact on the industry as a whole. Online alternatives proved valuable when traditional business platforms were disrupted by the pandemic. Trade shows – a pivotal component of the diamond trade – were cancelled in 2020, and many early 2021 events have been postponed to later in the year. The diamond business however is based on trust and relationship, and not everything can be done online. Trade fairs provide an essential platform to meet old contacts, find new ones from every part of the world, view goods and deliver orders within a few days. The major shows will resume in the second half of 2021. The pandemic has pushed the diamond industry out of its comfort zone and forced us to conduct business virtually. Online tenders and trade shows may be here to stay well past the pandemic. E-commerce has really been a saviour for the international jewellery industry. – Colin Shah, chairman of the Gem & Jewellery Export Promotion Council Yoram Dvash, president of the World Federation of Diamond Bourses 世界鑽石交易所聯合會( WFDB )主席 Yoram Dvash