Global demand for natural diamond jewellery grows in H1 – De Beers

Global demand for natural diamond jewellery in the first half of 2022 grew by an estimated high single-digit figure compared with the first half of 2021, according to a report released by De Beers. 
It said in its Diamond Insight Report 2022 that growth was estimated to be strongest at low double digits for the US and Japan, while India and the Gulf grew in single-digit figures. 
“China was the only country to experience a decline in diamond demand, largely due to the impact of Covid-19-related lockdowns,” reads the report.
“A combination of above-trend nominal wage growth and a steady pace of employment growth contributed towards higher consumer demand for natural diamonds in the US in the first half of 2022”.
“However, the [persistently] high rate of inflation and the global economic challenges exacerbated by the Russia-Ukraine conflict dented consumer confidence in the second quarter and diamond demand subsequently started to soften at the end of the quarter, although it remained positive overall for the half-year.” 
China is estimated to have experienced a mid-single-digit year-on-year decline during the first half of 2022.
This was caused by depressed consumer demand in the second quarter as a result of Covid-19 lockdowns in a number of major cities and slowing macroeconomic fundamentals.
Global demand for natural diamond jewellery rose by an estimated 27% in 2021 to reach an all-time high of $87 billion from $68 billion in 2020.

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