(idexonline.com) - The diamond industry entered 2022 after a stupendous 2021, led by robust U.S. consumer demand with significant profits across the value chain. Even without the Ukraine conflict though, 2022 was expected to be much tighter. The year started with a frenzy of speculative buying, quite opposite to underlying fundamentals. Many companies, flush with profits made in 2021, looked to restock or trade in both rough and polished, but the Ukraine conflict provided a rude jolt. Financial sanctions were the weapon of choice for most large nations. Russia accounted for about 25-30 percent of all rough diamond supplies and a disruption on those supplies will have a severe impact on the supply chain.
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