The Next Diamond Decade

(diamonds.net) - It wasn’t that long ago that De Beers declared the 2010s “The Diamond Decade.” Growth in China and India was projected to drive demand, while the US would take small steps out of recession. This is what Varda Shine, then-head of De Beers’ supply arm, the Diamond Trading Company (DTC), predicted in a 2010 interview with Rough & Polished. In some sense, she was correct. The last 10 years have seen the Chinese consumer emerge as an influential force in the diamond industry. At times, that has been to the trade’s advantage. During other periods, however, China’s influence on the trade has been more volatile. Shine was also correct in her assessment of the US, which continues to be the mainstay market for the diamond industry. Overall, global diamond jewelry sales grew 16% from an estimated $65.3 billion in 2010 to $76 billion in 2018, according to De Beers. Here, we make 10 predictions of how the market will evolve in the 2020s, though perhaps they’re better read as suggestions for what needs to happen to ensure growth. Either way, we’re optimistic that it will be better than the 2010s, perhaps even an era that’s worthy of the title “The Diamond Decade.”