Exclusive
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
Paul Zimnisky сomments on the diamond and jewelry market
Industry analyst Paul Zimnisky notes that the diamond market was in short supply from the second half of 2021 to early-2022, as record demand for natural diamonds in 2021 outpaced new production and existing inventories. This dynamic pushed rough diamond prices up 30%-plus last year.
However, following aggressive restocking by the supply chain earlier this year, global economic uncertainty and further pandemic-related lockdowns in China have subsequently softened diamond demand and thus prices.
That said, diamond prices remain well above pre-pandemic levels and multi-decade-high producer cost inflation combined with restrictions on the global trade of Russian diamonds is expected to support diamond prices going into next year.
Zimnisky clarified that consumers should not expect discounts on natural diamonds this holiday season as jewelers are not sitting on significant levels of excess inventory, although the industry should be better stocked than last year.
“If anything, diamond and gold mining companies have seen their production costs skyrocket this year, as everything from labor, to fuel to consumable and insurance costs are up in some cases high double-digit percentages. These cost increases are being passed along through the supply chain,” said Zimnisky.
On the retail front, “jewelry, notably, precious metals and stones, have historically performed relatively well in high inflationary environments, which I believe will allow diamonds and jewelry as a category outperform this holiday season,” he added.
“If we see demand this holiday season that is anywhere in-line with last year, it will cap another very strong year for the industry, especially given the externalities,” Zimnisky concluded.
Alex Shishlo for Rough&Polished