De Beers India sees rising Covid cases hitting Akshaya Tritiya sales, pins hopes on vaccination
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Synopsis
The situation in the diamond market has not yet improved. According to the annual report on the global diamond industry, the current crisis could be more severe than 2009, and a double-dip recession is possible. Full recovery and a return to a historic growth trajectory aren’t expected until 2022 to 2024.
De Beers has flagged concerns over the situation in Surat, the diamond cutting and polishing hub of India.
Diamond major De Beers India sees the surge in Covid-19 infections in the country affecting sales ahead of the festival of Akshaya Tritiya, and its top executive said accelerating the pace of vaccination could help lessen the impact.
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In early February, Bain & Co. released “Brilliant Under Pressure: The Global Diamond Industry 2020–21,” its 10th annual report on the global diamond trade, in partnership with the Antwerp World Diamond Centre. In addition to reviewing the industry’s performance in 2019, the report examines how the pandemic has impacted the business and offers a glimpse of how the diamond sector will evolve over the next decade.
There are two big, related takeaways for anyone interested in the lab-grown diamond category.
Retail Prices On Lab-Grown Diamonds Are Falling
Advances in technology have driven a manufacturing boom in the lab-grown diamond sector, with production in 2020 reaching between 6 million and 7 million carats. According to Bain & Co., as much as 60% of that total is being manufactured in China using HPHT technology. In the United States and India, however, CVD, or chemical vapor deposition, technology is more prominent.