As men­tioned ear­lier, it is purely by first dis­ci­plin­ing our own selves that we can en­sure our industry’s sur­vival and we can do so in a long-sus­tain­ing and suc­cess­ful man­ner.

Solitaire - - INDUSTRY INSIGHT -

Planned or in­ten­tional bank­rupt­cies are be­com­ing com­mon in the di­a­mond industry due to a lack of fear of the con­se­quences. Your thoughts on this con­tro­ver­sial trend.

Yes, I agree with your com­ment. In the past, peo­ple would think long and hard be­fore tak­ing credit lines from the banks, and had the feel­ing of re­spon­si­bil­ity to en­sure there is no de­fault. It was a mat­ter of one’s self-re­spect, hon­our and a fear of los­ing one’s hard-earned rep­u­ta­tion. Grad­u­ally how­ever, many peo­ple seem to have lost this fear. It is ex­tremely wor­ri­some now to see that de­spite hav­ing more than suf­fi­cient per­sonal wealth, keep­ing or us­ing bank’s money is be­com­ing a habit, and peo­ple don’t see any dan­ger in it. Not only this, but wil­ful de­fault­ers are able to get away with­out any prob­lems for their eva­sions on the huge sums of money they owe. This makes me won­der why the banks re­quire so many forms, de­posits, sig­na­tures when ap­prov­ing bank fa­cil­i­ties.... What for? As many who have taken large loan fa­cil­i­ties have ap­par­ently been able to walk away with min­i­mal dam­age to their busi­nesses, de­spite de­fault­ing on their obli­ga­tions. Then why do banks ask for all that in­for­ma­tion? Is it a mere for­mal­ity, or does it re­ally mean some­thing?

Is the di­a­mond pipe­line still choked with ex­ces­sive loose stone in­ven­tory even now?

Yes, this is in­deed the sit­u­a­tion even now. But it is a cy­cle that needs to be ad­dressed as ev­ery year for the past few years we have been here at this time.

What changes do you fore­see in the next 5 years for the di­a­mond industry?

In my opin­ion, there are more peo­ple than there is work at each and ev­ery stage of the industry pipe­line. Slowly, they will be con­strained to exit the busi­ness, un­less they can come up with unique and en­gag­ing ways of gen­uinely adding value.

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