Can middle-income earners stimulate demand for diamond jewellery?

A broader demand for diamond jewellery will be stimulated if the middle class or lower middle class come on board, an analyst has said.
“One of the things I am watching to see is if with the lower prices now we can see the rejuvenation of demand for diamond jewellery from people with less income than others,” CPM Group founder and managing director, Jeffrey Christian recently told a webinar on the worth of gold and diamonds.
“…I think [this demand] will be critical to have a more sustainable diamond price.” 
His comments came after a participant had asked whether price inflation will result in the long-term deficit in the market appetite. 
Christian said he was not concerned by overall price inflation.
“We have seen this enormous money supply, but I think price deflation is a bigger long term risk for the world for a variety of long term economic reason that I won’t bore you with,” he said.
“So I am not quite sure that we will see price inflation. I think the value of diamonds will reflect more of supply and demand for diamonds.”
Meanwhile, Pat Dambe, De Beers vice president of corporate affairs and government relations said no one at this stage knows what the impact of the pandemic will be on rough supply.
“It is impossible to predict what will happen to prices,” she said.
“However,…the medium to long term outlook of natural diamonds remains very positive. Demand fundamentals remain favourable.” 

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished