I'm delighted to have been quoted in an article just out in Optima, the magazine published by Anglo American, majority owners of De Beers. The article, Diamond Deficit, explores the pivotal challenges now facing the diamond industry as it looks towards the future. You can read the article in full here.
De Beers used to run and manage generic diamond marketing for the entire diamond industry, even though it was not a diamond polisher, jewellery maker or retailer. De Beers did this because it was the world’s largest rough diamond supplier, the source of more than 80% of the supply of goods.
Rough diamonds are selling if their price is correct. The conversation amongst Sightholders this week is that De Beers’ pricing of last week’s sight boxes has been a disappointment. Sightholders refused around 25% of their allocated boxes.
Man-made Diamonds, lab-made Diamonds, lab grown diamonds, synthetic diamonds and many other names have been given to what many consider to be a threat to the diamond industry. When referring to the matter it is almost as if people are asking, “to be or not to be?” I say: to be and to thrive.
The diamond market is quieter than hoped-for at the moment. Sales of polished diamonds in the run-up to Thanksgiving in the US proved disappointing and this has led to a decline in polished prices.