As 2026 begins, we find ourselves continuing to operate in uncertain times.
Across the globe, we face economic downturns that shake confidence. Political unrest that fuels doubt. Conflicts and wars causing pain and hardship. Trade barriers and tariffs that complicate our marketplace. These challenges create hesitation and fear, which are the natural enemies of our industry.
Jewelry, gemstones, and luxury goods are bought with the heart, not just the mind. They are aspirational. They are emotional. They are discretionary. They flourish only when the world feels happy, secure, confident, and in almost idyllic conditions.
Our industry is like the canary in the coal mine. We are often the first to feel the impact of downturns and, sadly, one of the last industries to recover. We are facing what can only be described as a perfect storm. But, while we cannot stop the waves, we can learn to surf.
Now is the time to look closely at our businesses and ask the hard questions:
- Where are the pressure points?
- Where can we pivot?
- Where can we innovate?
This is a $300–400 billion industry. It is not going away. But the question is not whether the industry survives—it will. The question is—will you survive?
To survive, you must act. Now. Take stock of what you are doing and ask how you can do it better. Work with your local industry bodies. Work with your international associations. Collaborate and support their lobbying efforts for better trade deals.
For example, gemstones exported to the U.S. can qualify for Annex 3 Status which would mean zero tariffs. But, this is only when your country has negotiated a bilateral trade agreement. So, lobby your governments.
Look for alternate opportunities? The largest markets today are China ($90 billion) and India ($85 billion). Both have overtaken the U.S. at $72 billion. Yes, they are difficult markets and present their own challenges, however, there may be opportunities and solutions.
There are a number of emerging markets around the globe that are also growing rapidly and waiting to be explored.
Now is also the time to think creatively:
- Can you source from countries with more favorable trade terms?
- Can you manufacture or finish in locations that attract lower tariffs?
- Can you use foreign trade zones or bonded warehouses to showcase your products efficiently?
This is not a time for stagnation. Not a time for comfort. It is a time for bold thinking. For calculated risk. For creativity. For vision.
The keys are to stay informed, be nimble, embrace flexibility, diversify, innovate, expand your horizons.
Remember, our industry has survived millennia. It will continue to shine. And if we are smart, adaptable, and resilient, so will we.
So, rise to the challenge. Embrace the waves. Learn to surf. Not only to survive—but to thrive.
Happy New Year to all.
Damien Cody, ICA President
After completing a Diploma in Business Studies, Damien carved a highly successful career in the insurance and financial services sectors where he held senior executive positions with a number of leading international organisations. His passion eventually led him to the opal industry where he and his brother are directors of a leading Australian opal exporting company which also operates retail opal stores and museums in Australia. These companies have won Government Export and Tourism Awards for excellence in these fields. Together with his brother he co-authored the book ‘The Opal Story’ which has enjoyed a circulation of around 60,000 copies worldwide. Damien has served the gem and jewellery industry in a number of capacities including as International Colored Gemstone Association (ICA) Ambassador to Australia.
- Damien Cody
- Damien Cody
