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.