Tehmasp Printer, Managing Director of IGI India, appeared on CNBC TV 18 India in a segment recapping the diamond business in 2019 from IGI’s perspective, and advocating transparency in 2020.
Challenge and opportunity
Printer opened by saying that 2019 was a challenging year, but noted that the challenges brought creativity and innovation from the industry. With rough imports falling by nearly 50%, manufacturers took the opportunity to move existing inventory, reducing interest expense. And as gold prices increased dramatically the industry used modern technology to innovate lighter jewelry pieces. This allowed jewelers to deliver the same aesthetic as prior years to consumers without higher prices.
The entire 10-minute interview can be seen here.
Evolving trends
Nearly 85% of graded diamond jewelry in India is examined and authenticated by IGI, giving the laboratory the opportunity to meaningfully evaluate trends. Printer observed that, while diamond carat weight per finished piece decreased in 2019, total carats sold increased. And the number of pieces sold surged by nearly 35%. Body-rings, pendants and bracelets were key to this increase, suggesting a trend of more items acquired by younger generations for daily wear.
Traditional Jewelry Report
Printer discussed IGI’s recognition of the need for consumers to clearly differentiate between Jadau, Polki and Kundan jewelry. In response, IGI India launched a “Traditional Jewelry Report,” empowering shoppers to have complete peace of mind in the authenticity of their purchase. The report also helps retailers, who can now sell their merchandise confidently.
“If you’re not transparent you’re out.”
Printer emphasized the urgent need for complete transparency and peace of mind toward shoppers: “Transparency is more than a buzzword, it’s become a requirement.” To that end he emphasized IGI’s commitment to providing complete, clear and technologically advanced identification of every diamond, gemstone and finished jewelry piece graded. He also touched on the use of e-reports and blockchain technology to further the interest of ironclad assurances to the consumer by IGI.
Headquartered in Mumbai, CNBC TV18 features around the clock coverage of business news and stock market updates. It was the first business channel to broadcast in High Definition in India.
