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Consider this group of headlines from the last week or so: The Botswana Gazette: Diamond Crisis Looms?, Financial Times: India’s Diamond Polishers Lose Their Sparkle , Business Insider: The Diamond Capital of the World Sent Out a Warning Signal .
In a way, there were no surprises this past week, and that in itself should be a surprise. De Beers offered a large rough diamond supply to its clients – at slightly higher prices – and the market just could not digest it.
The first quarter of 2015 was a tough one for the diamond industry but it certainly was not dull – as this writer mistakenly suggested in a conversation this week.
Pessimism prevailed at De Beers March sight with more than 30 percent of goods refused, according to several sightholders.
Antwerp Diamond Centre – Friday 27 March 2015. On March 27 of this year the AWDC, Antwerp World Diamond Centre, invited members of the diamond industry to reflect on the financial future of the sector.
Disturbing events are said to be currently unsettling the diamond trade locally and internationally. Things are happening in the diamond industry.
ABN Amro has been a major lender to the midstream diamond industry over the past century. More recently, the group has called on the diamond industry to improve its “bankability” as banks tighten their lending requirements.
The middle of the diamond distribution chain is struggling to align itself with new, lower levels of wholesale demand. The result is that manufacturers and polished diamond dealers continue to be squeezed despite growth in consumer demand.
When I read about ‘bumper years’ I always get a bit nervous unless the pronouncement takes place on the 31st December and refers to the previous twelve months and is not some Delphic pronouncement looking into the future.
Last week, De Beers released a survey of the global diamond market that showed that U.S. diamond sales increased some 7 percent in 2014.
Wedding resource site The Knot published its annual Real Weddings Study this week and it makes for some fascinating reading, as well as providing some good news for jewelers.
Graff Diamonds once again made a splash at Baselworld, introducing a $40 million watch topped with a 38 ct. D Flawless that can be converted to a bracelet or ring.