GREY:PGDIF - Post by User
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Silverwhereon Feb 24, 2017 9:29am
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Post# 25887971
RE:De Beers Foresees Pleasingly Normal 2017
RE:De Beers Foresees Pleasingly Normal 2017 Mostyn: The demonetization program in November came as a surprise to us all. It clearly created turmoil across India, and given India’s important position in the industry, it impacted the diamond market as well. We responded by giving additional flexibility to sightholders in the final sight of 2016.
Our sightholders are less affected than some of the smaller companies, since they’re not cash businesses, they’re well-governed, and are therefore better equipped to weather the storm than the smaller companies. We were certainly very encouraged by the level of rough demand at our first sight of 2017.
The program was also a shock to the retail market in India, where many transactions are made with cash, and it will take time for that to normalize. In the long term, we’re very positive about retail demand and the emerging middle classes in India. We also make sure our Forevermark marketing programs focus on India, and we’re working with the Gem & Jewellery Export Promotion Council (GJEPC) to stimulate consumer demand there.