March 29, 2017

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Last year’s holiday expenditure raises optimism for 2017 diamond sales

LesothoDiamond-Reuters
Diamond stone from Lesotho (Reuters)

Record number of customers who opened their wallets and purses to purchase diamond jewelry for their loved ones during 2016 have raised hope about high rough diamond sales in 2017.

This is on the account of De Beer’s biggest diamond sale during the holiday period, which is the period between September and December. Volumes of sales, which De Beers, the world’s biggest diamond producer registers, are generally regarded as the global barometer of diamond sales.

The Anglo American-owned De Beers sold $720 million of diamonds in its first sale of the year, compared with $545 million last year. Diamond mining giant said it saw “good demand” across most diamond categories.

Observing the trend, World Federation of Diamond Bourses President, Ernie Blom, said the rough diamond market had opened very strongly this year and the the polished market is likely to follow, according to Investing News Online.

According to De Beers’ Chief Executive Office, reopening of some diamond polishing operations in India contributed to the bumper diamond sales.

Indian cuts and polishes about 90% of the global rough diamond supply. India is considered to be the nirvana of global diamond sales due to lower wages.

 

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