Jeweller - December 2020

The diamond
pipeline
has, for the
first time
in almost
100 years,
become truly
demanddriven
Pranay Narvekar
and Chaim Even-
Zohar
DIAMOND
INDUSTRY
ANALYSTS
New diamond industry report released
The analysis identifies 2019 as a pivotal year.
A new report exploring the restructuring of
the diamond trade over the course of 2019
and 2020 has been published, delving into the
macroeconomic and industry-specific factors
influencing the trade from mine to market.
Authored by diamond industry analysts
Pranay Narvekar and Chaim Even-Zohar –
who have previously contributed to Jeweller –
the report is titled The 2019 Pipeline: Prelude
to the Storm.
It details how the diamond market has
switched from being largely supply-driven
to a demand-focused model.
“The diamond pipeline has, for the first time
in almost 100 years, become truly demanddriven
– at each and every level of the
pipeline,” Narvekar and Even-Zohar write.
“It has become a normal competitive industry
not any more driven by the rough supply side,”
they add.
Calling the shift “a most desirable conclusion
for the midstream” of the diamond industry –
that is, cut-and-polishing operations in India,
and polished diamond traders – Narvekar
and Even-Zohar predict that the restructuring
process will lead to an industry that is
“structurally not only more competitive, but
also much healthier”.
The analysts identify 2019 as the turning point
for change, describing it as a “gap year”.
Stock levels were clearing amid falling
prices and sales, ahead of a predicted steady
recovery in the ensuing years.
Even-Zohar and Narvekar also explored
demand shifts in 2020 as a result of
COVID-19.
Indeed, the expected improvement in sales
and prices failed to materialise this year as
the pandemic unfolded, yet Narvekar and
Even-Zohar conclude that the fundamental
shifts initiated last year have ultimately left
the diamond industry in a stronger position.
Queensland jeweller to close Ipswich
store after 20 years
It’s been a
wonderful
experience
for us all and
we’re certainly
going to miss
our time here.
It’s been a
real pleasure
looking after
everybody
The Pascoe Jewellers store, located in the
Riverlink Shopping Centre, will cease trading on
Christmas Eve.
As noted in Jeweller’s State of The Industry
Report 2020, Pascoe Jewellers reduced
its store count from nine to three between
2010 and 2020.
Speaking to the Courier Mail, Geoff Pascoe
explained, “[Ipswich] is the eighth [store]
I’ve closed down so I’ve got two left.
“My health hasn’t been the best. I’ve had
cancer operations this year and I just had
to close all the stores. I’ve decided it’s a lot
easier to just try and close all the stores
down than try and sell them.”
Featuring the
delicate pink tone of
Argyle pink diamonds
Geoff Pascoe
PASCOE
JEWELLERS
The Ipswich branch of family-owned Pascoe
Jewellers, which had been operating in the
Queensland city for two decades, will
permanently close on Christmas Eve.
The decision to close the store was made due
to the ill health of owner Geoff Pascoe, who
runs the business alongside wife Carolyn.
Pascoe said the business had reduced its
employee headcount from 100 to around
30.Of the Ipswich closure, he added that
customers were “so sad” to see the
Riverlink Shopping Centre store go. The
remaining stores are located in Toowoomba
and Forest Lake; daughter Bianca Pascoe
will take over the latter.
SAMS GROUP
AUSTRALIA
E pink@samsgroup.com.au
W samsgroup.com.au
P 02 9290 2199