Miners fell into the trap of believing their own propaganda that a long term shortage of supply would prop up diamond prices no matter what happened to the economy. I really believe that miners are so far removed from the end consumer and they make decisions based on statistical analysis without taking into account the opinions of their downstream partners. The fact is that all diamond sales stem from consumer demand and who knows more about the mood of the consumer than the retailers who work with them. My suggestion to diamond miners is to put most of their efforts into stimulating consumer demand. If their efforts in this direction are successful then the whole pipeline will recover.
- Melvin Moss, President at Regal Imports Ltd