Diamond cutters in the USA are suffering. In addition to rough diamond shortages, cutters are facing difficult times ahead. Because of India, diamond cutters in the USA are unable to compete competitively. While manufacturing prices increase, polished goods in India sell for a fraction of the price. Resulting in shortages of diamond materials. And additionally, a need for diamond cutters in the USA. Furthermore, capable diamond cutters are in demand, resulting in a crisis. While there are diamond cutters in the USA today, the numbers are shrinking considerably and production is down considerably.
Diamond Cutting Challenges
Diamond cutters are facing a challenge. Because of India, the skill set of diamond cutting is not a priority for the jewelry and diamond industry in the USA. And as a result the US diamond cutting industry has almost collapsed. Additionally, competitive pricing is seen as crucial with US cutters being marginalized by cheap labor overseas. Barry Berg of William Goldberg mentions, "we only have five cutters now and they don't only work for us. They're independent workers and they also take work from the outside. In the past ten years we are cutting less and less rocks, partly because we are no longer site holders." Because of this crisis, many diamond cutters do not foresee a bright future for industry. Furthermore, it has been increasingly difficult to say competitive price-wise.
Diamond Cutting Costs
Diamond cutting costs are increasingly as are materials. Trying to stay competitive price wise is also negatively impacting diamond cutters. India sells rough for approximately 20% less than the cost for rough diamonds in the USA. The estimated cost of cutting in the USA is about 5 times that of competing countries. Additionally, the cost of rough diamonds are expensive. Problems facing the industry is the cost of rough diamonds available in continental USA. Jack Reiss, President of Jack Reiss LLC. explains that "you don't have the supply in the U.S., and the supply in Antwerp is also going bye-bye." Furthermore he notes, "I don't think US cutting is going to last 50 years."
GIA Standards and Diamond Cutting
GIA standards and cutting diamonds are two separate entities that are symbiotic. Because GIA standards are the pinnacle of grading, diamond cutters must cut to their rigid standards. Furthermore, cutters are required to polish tremendous weight, affecting cost. Furthermore, because of these standards the price of rough is rising to cutters. Jack Reiss gives his opinion on the matter, "You try and get a young guy to sit at a wheel for 8 hour a day," he said jovely.
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