2003

What Lies Ahead for 2003

Jan. 2003

It is very difficult to forecast what will happen with the world situation these days, but, assuming all things remain equal, we hope that 2003 will be a recovery year for the economy and the jewelry trade.

It is clear that customers still enjoy buying diamonds. "Jewelry" as a category was one of the best selling items this Christmas, even if, overall, holiday sales were not as good as some had hoped.

In the wholesale diamond market, there is a lot of nervousness about the fishy-seeming "bankruptcies" that have caused the trade millions of dollars. Many dealers are worried that there will be even more business failures —– on both the retail and wholesale level — once the season ends.

On the positive side, the Kimberley Process "goes live" next year, and the trade may be able to breathe a sigh of relief that the "conflict diamond" issue may finally be over. 2003 will also see the arrival of the second mine in Canada, Diavik.

We wish all our readers a happy, healthy, prosperous and safe 2003.