Image credit: Nungu Diamonds
South African cutting and polishing firm Nungu Diamonds said its custom-made jewelry sales have grown 60 per cent since South Africa imposed a strict lockdown in March. Customers used their weeks at home for online consultations and were lining up when stores reopened in June, the company’s founder Kealeboga Pule said.
Nungu says jewelry prices have held steady. Profit margins, however, could improve as lower global demand has depressed the prices of uncut, unpolished rough stones bought from the mines.
Thoko’s Diamonds, another South African company whose business was based on selling rough and polished stones, said it was turning to jewelry.
Zipho Dlamini, co-owner of Thoko’s Diamonds, said in a typical year the family business would supply more than 500 carats. So far this year, the company had sold less than 20 carats and profits have fallen 65 per cent as the exports that account for more than half of its business dried up. Thoko’s hopes its new line in earrings will appeal to the local market. “Because of COVID-19 we have managed to move into the jewelry space,” Dlamini said.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
