The diamond sector is expected to take two years to recover from the current downturn unless De Beers picks up, according to news reports.
De Beers’ rough diamond sales eased to $1 billion from $2.3 billion in the first half of 2020 recorded during the same period in 2019.
Its rough diamond sales volumes also decreased by 45% to 8.5 million carats compared to the previous year’s 15.5 million carats.
Miningmx quoted Goldman Sachs analyst Jack O’Brien as saying that the mid-stream market of cutters and polishers has collapsed in India due to lack of credit, resulting in huge stockpiles.
Russia’s Alrosa is also expected to end this year with 30 million carats of diamonds in inventory, roughly the same as a year’s production.
China was previously expected to help stimulate demand with engagement and wedding jewellery sales beginning in tier one cities before moving to tier two and three cities.
This was projected to be buoyed by sustained existing demand in the US and decreased supply.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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