Is the diamond industry dying? These young people disagree

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When I moderated the World Federation of Diamond Bourses’ Presidents meeting last year, one of my favorite panels spotlighted younger members of the business. We all know it’s been a tough time for the trade, so it was refreshing to hear from young people who saw a genuine future for it.

At this year’s World Diamond Congress in Singapore, we had a session on the same topic, and it also turned out to be one of my favorites sessions.

Here are some of the highlights of the discussion:

Are there enough young people in the diamond business today?

• Kalpesh Jhaveri, Diamond Club West Coast: There is absolutely a shortage of younger people coming into the business. … It is a matter of the opportunities and exposure they get. My son and daughter never wanted to get into the business until I sent them to the GIA campus in Carlsbad, and they fell in love with it

• Cédric Barsamian, general manager, BFE Diamonds: Technology has been lowering the barriers to entry. Today, we see many private jewelers in Hong Kong entering the industry without any experience. We do need younger generations because they understand Gen Z better than anyone.

• Molefi Letsiki, president, Diamond Gem and Jewellery Association of South Africa: For a long time [in South Africa], you could not get into the diamond industry unless you knew someone. Schools and universities did not teach about it. In most African countries, the industry was always about extraction and diamonds leaving the continent rather than adding value where they are produced. In recent years, you see more young people getting into it. I wanted to know where the diamonds end up, and that curiosity introduced me to the rest of the world.

• David Troostwyk, vice president of London Diamond Bourse and founder of Civigem: From a UK and European perspective, the requirement to be part of a family closed off opportunity. Today, we are seeing a gap because as people retire, there are no apprenticeships to pass on specialist knowledge. If we don’t create a pathway into the industry for younger people, that knowledge will be lost.

Do you think younger people bring a different perspective to the business?

• Jhaveri: They relate to a generation that most older people cannot. If you insist on showing them exactly how it “should” be done, you have already lost them. You probably learn more from them because they are relevant to the market you are trying to sell to.

• Barsamian: In Hong Kong, the younger generation thinks and acts differently; everything is quicker, and they are slightly more impatient. They may trust AI more than they trust me.

• Troostwyk: My concern is that the social essence of the business is getting lost because people are behind screens rather than conversing face-to-face. If you don’t understand your customers through social interaction, you can’t add value.

• Letsiki: Even online, you still need to build trust and relationships. Technology does not take that away.

What insights have you gained from those who have given their life to this business ?

• Barsamian: My father taught me perseverance and positivity. He lived through many challenges.

• Letsiki: The diamond industry is big yet very small. You must be a man of your word because if you aren’t, you will be out in a minute.

• Troostwyk: You can build a reputation over a lifetime and lose it immediately with one act. Trust and integrity are still the most important things.

• Jhaveri: Love what you do,- and you will never work a day in your life. This industry has ups and downs, but it is a great journey.

What is the best thing about this industry for you?

• Letsiki: The fascination of a rough stone. You never know what you’re going to get, and the next stone is always the best one.

• Jhaveri: This is one of the few industries where AI won’t take over completely because it requires a personal, human touch.

• Barsamian: The relationships we get along the way, the travel, and the people.

• Troostwyk: The friendships and getting up in the morning not knowing what the day is going to bring.

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Israel Diamond Exchange chief steps down

Nissim Zuaretz has resigned as head of the Israel Diamond Exchange (IDE) two years into his three-year term, according to a report in the Israeli publication Ynet.

Zuartez tells The Jewelry Wire that “personal issues” caused him to step down. His term has been marked by a feud with the World Federation of Diamond Bourses, which the IDE left last year. The IDE recently rejoined the World Federation.

He is now calling for early elections to choose his replacement at the IDE before the end of the year.

Zuaretz remains head of the Israel Diamond Manufacturers Association. “We are working with the government to reduce the tax on Israeli diamond companies,” he says. “Right now, with the tariffs, it could be catastrophic for Israel.”

Jeweler APM Monaco up for sale, report says

CVC Capital Partners, current minority owner of Breitling, is eyeing jeweler APM Monaco, according to a report in Bloomberg.

APM Monaco is currently owned by another private equity company, TPG Inc. According to Bloomberg, TPG has been pondering options for the business, which it’s owned since 2019, including selling a stake or taking it public. It currently values the business at $2 billion. Other private equity firms are reportedly interested.

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Jewelry store ad of the week: Value Pawn & Jewelry

After weeks featuring tasteful, elegant ads, I’m mixing it up with this ad from a Texas/Tennessee pawn shop chain. It is kind of funny.

Last week’s most-clicked links

Here are the links Jewelry Wire readers clicked the most last week:

1. Martin Rapaport says your business reflects your identity (Instagram)

2. Vacuuming Diamond District sidewalks for gold and diamonds (YouTube)

3. JVC member alert on forced labor tariffs (JVC)

4. Jewelry ad of the week: Graff, with Jung Kook (YouTube)

5. Scientists think it rains diamonds on Saturn (Space Daily)

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Today’s jewelry links cover Russian diamonds, De Bethune, Rolex certified pre-owned, Molefi Letsiki, LVMH, Laopu Gold, Patek Philippe, Princess Anne, and the Dresden Green