Diamonds Bite Dust

As prices for diamonds fall and inventories pile up, one manufacturer has unleashed what is ostensibly India’s first loose diamond mela in boutiques.

Diamonds are going through a painful deglam phase. According to an independent news and price list provider, diamond prices have already fallen over 7 per cent this year. As prices fall and inventories pile up, one Mumbai-based diamond manufacturer has unleashed what is ostensibly India’s first loose diamond mela in boutiques across the city. Goenka Diamond & Jewels Ltd (no connection with the promoters of RPG Enterprises, Open’s parent company), a 30-year-old diamond trading and retail company, held a discounted sale of 0.50 carat to 10.00 carat solitaires. Manager Vinay Bagla says the five-day sale saw a virtual stampede, with consumers trying to make the best of the 50 per cent discount. “Even in a recession, diamonds are a matter of lust,” he says. Could this be the start of a rocky affair?