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Diamond business, like any other, is subject to cyclicality. All of us could see this clearly quite recently – from 2008 to the current year, 2013. The intensive growth of the world’s economy and Russia’s in particular, provoked an outburst of trade in rough and polished diamonds in the mid-2000s.
The Jewelers Vigilance Committee (JVC) was established in 1917, a bit less than a century ago, with a view to promote education and self-regulation in the U.S. jewelry industry.
During the month of February, the average price of polished diamond prices increased 1.8 percent, with most of the gain taking place in the last week of the month, according to the IDEX Online Polished Diamond Price Index.
As far as trade shows go, there are only a select few, among the many on the diamond and jewelry industry calendar, that tend to set the tone for the market.
Is there any merit to criticism that the Indian diamond industry is using bank financing for “narrow and destructive interest of speculating on [sic] rough prices,” as the new president of IDMA (the International Diamond Manufacturers Association) recently claimed?
You may have gathered over time, if you are foolish enough to read a few of my burbles, that I am not one to resist too strongly the odd glass of wine passing my lips.
Every diamond is a unique creation of nature, its price determined by a subjective examination of its physical characteristics.
The Zimbabwe Independent reported that De Beers Consolidated Mines, the diamond group’s South African unit is one of the seven potential suitors eyeing the takeover of part of Rio Tinto’s 78 percent stake in Murowa diamond mine in Zimbabwe.
Diamond mining year in review In 2012, ALROSA Group preserved the world leadership in diamond mining in terms of volume achieved in the period of economic crisis.
The decision by the Chinese authorities to clamp down on advertising luxury products is a red flag for the diamond industry. While China represents the primary growth opportunity for the trade, the government’s restrictions are presenting hurdles even if its intentions may be pure.
The diamond theft at Brussels’ Zaventem Airport is more a cautionary tale than a story of financial harm.
There is a close connect between advertising and spending, says Aasha Gulrajani Swarup writing for the Diamond World at www.diamondworld.net. Neither a global economic slowdown nor a recession could restrict worldwide spending on personal luxury goods, estimated to touch US $275 billion in 2012, and growing in double digits.