The road to recovery
(diamonds.net) - There is a buoyancy about the diamond market that has surprised many at the halfway point of the year. Considering the struggles the industry has endured in the past decade, diamantaires aren’t necessarily used to the positive forces shaping the trade in 2021. “Coming off a difficult last year, there’s no doubt the diamond industry performed better than most [industries],” says Paul Rowley, executive vice president of diamond trading at De Beers. “The market has shown remarkable resilience.” Not that the industry grew in 2020; growth was still negative year on year, with jewelry retail sales down by about 10% to 12%, according to De Beers estimates. But by most accounts, the diamond trade — along with the broader luxury sector — gained market share during the pandemic as consumers spent less on travel and had more discretionary dollars for buying gift items.