Melbourne-based Australian Diamond Trading Corporation (ADTC) will be opening an office in Sydney that will be headed by newly-appointed NSW general manager Lonn Miller.
Miller – who was a proprietor of Miller Diamonds, the Sydney-based diamond dealer placed in voluntary liquidation in July this year – told Jeweller he was thrilled to “drive this next chapter in ADTC’s history”.
“Having previously built a diamond business in NSW, I understand the challenges that lie ahead,” he commented. “I have the tools to do what I need to do and I am confident I can do it.”
According to Miller, the departure of some of the “older players” in the NSW diamond industry had resulted in an opportunity for ADTC to substantially increase its footprint in the state and meet demand from jewellers that had found they were missing key suppliers.
Miller said the NSW office would improve customer-supplier interactions within the region and allow ADTC to deliver stock to a customer “in a matter of minutes or hours”.
“Many customers become frustrated at having to send or wait for diamonds coming or going interstate, and a lot of customers travel to and from the city routinely to interact with suppliers or manufacturers,” he said. “Having an office situated centrally in the Sydney CBD will enable ADTC to benefit from what would otherwise have been impossible due to the geographic limitations of distance.”
Tough times
It could be argued that the NSW diamond industry experienced difficult times in 2014; in addition to the closure of Miller Diamonds, another Sydney-based diamond dealer, Storch & Co, entered voluntary administration at the end of July – although the business has since returned to normal operation.
Commenting on this, Miller said, “Whilst it may be said we are in challenging times, there is plenty of business to be had. ADTC has a collaborative style of working with retailers and fostering lasting relationships that encourages business even at times when the industry isn’t at its most buoyant.”
The official launch of Russian cut diamond supply business Brimelow Diamonds in October this year is another indication that confidence in the Australian diamond industry remains and that, according to Jason Brimelow, the industry was simply going through growing pains.
“The middle of the market is congested with miles of ‘good’ products that are all so similar it becomes pointless to try to distinguish between them. With an influx of cheap finished jewellery coming from Asia, local operators are under more pressure than ever to make their products stand out from the crowd,” Brimelow told Jeweller in October.
The new ADTC Sydney office is expected to be fully operational by the end of January 2015.
ADTC is a family-owned Australian business that was established in 1986 under the trading name PSM Diamonds. Its inventory includes both white and coloured diamonds, and it trades loose stones as well as diamond jewellery in Australia and New Zealand.
Global diamond challenges
In other diamond news, US-based international management consultant Bain & Company, in conjunction with the Antwerp World Diamond Centre, has released its fourth global diamond report titled, Diamonds: Timeless Gems in a Changing World.
The study focused on key challenges facing the global diamond industry, including: sustaining demand for diamonds in jewellery as investments; securing long-term access to diamonds; defining the role of synthetic diamonds; and ensuring that diamond financing would continue to sustain industry growth.
The report also explored the initiatives that were currently underway to address these issues as well as possible outcomes that would support the industry’s continued growth.
More information
Diamonds: Timeless Gems in a Changing World
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