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Right now the diamond market is unstable, but it has a very positive growth outlook over the longer term, according to experts from the Bain consultancy releasing the Global Diamond Report on an annual basis.
Sometimes the banks are the diamond traders’ best friend. Often there is a sense among diamond traders that the banks are not being generous enough with them, but in at least one instance, they are not just a friend, they are also lifesavers.
They aren’t the largest or wealthiest age group. They don’t lust for luxury and are immune to slick ads. But Gen Xers are wired to family and peers, making their influence hard to ignore.
August is more than half way through. Vacationers are returning home from their summer time off, diamond traders in Belgium and Israel are back in their offices and Indian manufacturers are fulfilling their orders from the India International Jewellery Show in Mumbai.
The sudden resignation of Gemological Institute of America (GIA) President Donna Baker last month perplexed many and set off endless rumors.
August 21: The Indian rupee continued its downward spiral this week setting a new record low of 64.11 to the dollar on Tuesday.
The growing prevalence of lab-made diamonds is a source of great worry to Indian diamond manufacturers and wholesalers. During a recent visit to Mumbai, every manufacturer I spoke with except one asked about them.
The World Diamond Mark (WDM) program introduced at the 35th World Diamond Congress in Mumbai was to start in July 2013.
De Beers said that demand for diamond jewellery showed a moderate growth in the key markets of the US and China during the first half of the year despite some macro-economic concerns.
In an appearance at a July 29 JA show panel, U.S. Assistant Secretary of State Jose W. Fernandez urged the industry to do more to track the origin of its diamonds.
De Beers rough diamond sales were flat at $3 billion during the first half of 2013 after prices rose 6 percent, Anglo American reported.
It makes sense that diamond prices should go down when the market declines. The fact is the diamond industry has been cautious this month due to weakened Chinese and Indian economic sentiment.