New York–Diamond prices are likely to remain stable in the near term and the economy as a whole is improving, giving retailers a reason to be optimistic, says Russell Shor, senior analyst for the Gemological Institute of America.
In an interview conducted following the Las Vegas shows, Shor analyzes the economy, diamond prices and the importance of ethical sourcing to the future of diamond sales.
After working as a jewelry industry journalist for decades, Shor joined the GIA as a senior analyst in 2002. He contributes to the laboratory’s publications and aids the marketing, research and education departments.
This Market Insight interview is the fourth in a series National Jeweler will publish this week in the wake of the Las Vegas jewelry shows.
National Jeweler: If you were a retailer, would you operate using “cautious optimism?”
Russell Shor: I think an American retailer has more reason to be optimistic rather than say a European one. The bloom is sort of fading from China for a number of reasons. China is … the growth there is slowing. If you see what happens in India, the rupee has fallen to its lowest point against the dollar. And what it does is it raises diamond prices for their domestic markets. You are seeing the two biggest growth markets slowing.
The biggest market (the U.S.) is decent. All in all, there is no compelling economic reason that diamond prices should be going up substantially.
