According to the Fancy Colored Research Foundation (FCRF), COVID-19 has had a significant effect on the global diamond trade. While demand for fancy color diamonds is percolating and sales are in the pipeline, only a limited number of deals are executed, says a press release from FCRF.
Leading diamond courier companies and mining companies have been reporting zero activity at certain periods, something that has never been witnessed before in diamond industry history. The diamond shipping numbers reported by Malca-Amit and Brinks, the world’s leading diamond courier companies, are consistent with the numbers reported by Fancy Color Diamond dealers and mining companies.
The transaction input in this quarter was insufficient and could not generate comprehensive conclusions without damaging the integrity of our output. These factors have resulted in the Fancy Color Diamond Index once again not being able to be published. Mining companies have reported the cessation of mining work during certain months and there has been a very slow return to activity.
FCRF Advisory Board member, Jim Pounds said: “While the relatively long closure of operations or reduced production by the mining companies may result in a shortage of rough diamonds at the beginning of 2021, it seems that the main factor will be the restricted movement of polished diamonds around the world.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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