Boy meets girl, girl meets boy. It’s the oldest story in the book and one that is deeply ingrained in our society. For many, the happy end culminates in a couple getting engaged, which is where buying a diamond ring comes in.
Despite suppliers’ best attempts to keep prices high while shifting their inventories, the rough diamond market this week saw downward pressure on prices and a disappointing sixth edition of the annual Antwerp Diamond Trade Fair.
It was Marilyn Monroe who sang the legendary words ‘Diamonds are a girl’s best friend.’ I sometimes wonder how much songs actually impact on our thinking and our decisions. Did the words of this song run through Richard Burton’s mind in 1969 when he bought the 69.42 carat pear shaped diamond for Elizabeth Taylor which he promptly renamed the Taylor-Burton diamond? Or did the song somehow make him conscious of the fact that the value of the diamond would go on to rise considerably in price before it would eventually be sold at auction?
I was recently asked by American jewellery website Sparkle.com for my comments on the record-breaking prices being paid for the world’s most precious diamonds. You can read my comments and the full article here.
Our survey of the market this week has found that while demand for polished diamonds is improving, the number of transactions remains lower than usual for this time of the year. In response to high inventories, we are seeing new buying and selling behaviours in the market – from manufacturers buying run of mine diamonds, to traders self-financing and offering longer payment terms.