Antwerp's Jain Diamond Traders Navigate Industry Transformation

The Shankheshwar Parshvanath Jain Temple stands in quiet contrast to Antwerp's diamond district, its white marble facade symbolizing the Gujarati Jain community's four-decade dominance in this global gem trade hub. Ashwin Jhaveri, temple trustee and third-generation diamond merchant, walks the trading floor where handshakes once sealed million-dollar deals. 'Our transactions were built on community trust,' he explains. 'One word carried more weight than contracts.'

This trust-based ecosystem now confronts multiple pressures. Lab-grown diamonds captured 20% market share by 2025, undercutting natural stones' value. Younger community members pursue careers in tech and finance, with Antwerp University reporting a 40% enrollment drop in gemology programs since 2020. Meanwhile, India's Bharat Diamond Bourse has diverted rough stone shipments directly to Mumbai.

Jhaveri's firm adapted by specializing in rare colored diamonds, now 60% of their portfolio. 'The 2-carat commercial stone faces price erosion,' he notes, 'but investment-grade pinks and blues hold value.' Several traders consolidated operations, with the Antwerp World Diamond Centre confirming a 15% reduction in Jain-owned firms since 2022.

The community's religious practices complicate transitions. Jain principles prohibit evening work and travel during Paryushan, limiting flexibility. Yet temple donations funded a new vocational center offering blockchain certification for supply-chain transparency. 'We must honor tradition while embracing traceability,' Jhaveri states, reflecting a community balancing cultural identity against an evolving global diamond trade.