South African diamond jewellers are thriving despite the challenges currently facing the industry as a result of poor demand, weak prices and of late the Covid-19 pandemic.
Arab News quoted South African cutting and polishing firm Nungu Diamonds as saying that its custom-made jewellery sales jumped 60% since South Africa introduced a tough lockdown last March.
The lockdown has since been eased to allow return to productivity.
Nungu founder Kealeboga Pule said jewellery buyers used their weeks at home for online consultations and queued when stores reopened in June.
The company recorded brisk business in June and sales were dominated by engagement and wedding rings.
Nungu also said jewellery prices have held steady, but profit margins will likely improve as lower global demand has depressed the prices of rough diamonds.
Meanwhile, Thoko’s Diamonds, another South African company, said it had turned to jewellery as its rough supply business was struggling as a result of poor demand.
Company co-owner Zipho Dlamini said they had so far this year sold 20 carats yet they usually supply more than 500 carats in a year.
“Because of COVID-19 we have managed to move into the jewelry space,” said Dlamini.
Thoko’s was producing earrings for the local market.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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