By Erika W.
Globalization was the focus of Rapaport’s State of the Diamond Industry speech at JCK 2011. The diamond industry is facing changing global demographics that are bringing new economic demands. Rapid growth in India and China and projections of continued currency warfare will drive diamond prices for the foreseeable future. Rapaport reinforced that yesterday’s suppliers will be tomorrow’s consumers. “Between China and India you got 2.5 billion people, and America is 310 (million)…Look at the Indian population. 48% of the population is 25 or under. That’s energy,” said Rapaport. Fair trade issues were also pivotal in his speech. “Sierra Leone Diggers Speak,” a video of Rapaport’s visit to Sierra Leone was included in his address. His mission is to institute fair trade for Sierra Leone’s diamonds. Fair trade will ensure fair wages for the artisanal miners of the region. Click on the link below to watch the video.
Click to watch this full video of Martin Rapaport’s “State of the Diamond Industry” speech from the JCK Vegas show 2011.
Rapaport illustrated the topic of globalization with cover art from The Economist in his 2011 State of the Diamond Industry speech.
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