Diamond expert Edahn Golan joins TheStreet to discuss some of the biggest challenges facing the diamond industry.
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00:00 What are some of the biggest challenges currently facing the diamond industry?
00:03 First of all, we are looking at a loss of market share, which is to my feeling is a temporary stage.
00:14 One of the biggest competitors is travel.
00:16 Travel is expensive and and sometimes people still prefer to buy jewelry over traveling.
00:24 I don't think it's a big alternative.
00:27 It's not an important alternative, but at the end of the day, I think people will still prefer traveling, even if they need to spend less on travel.
00:34 And the other element is how do you present to the market a product that now has two very different characteristics?
00:47 One is natural, which will remain higher priced with everything that goes with it.
00:54 So it's a luxury and something that we can strive for.
00:59 And on the other hand, there is something that is in theory just the same, but it has a depreciating value.
01:07 And but buying a bigger size is very easy.
01:12 And that's sort of it's a clash.
01:17 That is a clash that will need to be resolved in a very clear way in the mind of consumers or you will lose them.
01:25 Problem. You may.
01:27 Thank you.
01:28 Thank you.
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