The world’s largest diamond mining company, De Beers Group, has postponed its fifth and sixth sales cycle auctions for the year amid concerns about dwindling international demand.
Jewellery sales in December maintained a steady uptrend based on previous forecasts as overall sales dollars saw an increase by 1.8 per cent compared with the same period in 2020 despite a decline in diamond jewellery sales, according to Retail Edge Consultant’s month-end report.
Diamond trade is roaring back thanks to stuck-at-home shoppers
Employees inspect and analyse rough diamonds at a Virani Gems facility in Surat, Gujarat. Diamond jewellery demand rose to a record $82 billion globally in 2017 after several years of stagnation, according to De Beers
(Photo: Bloomberg)Premium
Thomas Biesheuvel,
Yuliya Fedorinova
Surat diamond workshops are so desperate to boost production that the most-skilled cutters and polishers are being headhunted with offers of 50% pay hikes and perks like free food and housing
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The global diamond trade spent years in the doldrums, only to be crippled by the pandemic just as things started looking up. Now, at last, business is booming again.