The effect is “likely to be positive.”
De Beers CEO Bruce Cleaver told Bloomberg that Donald Trump's presidency could be good news for diamond sales.
Cleaver said the effect is "likely to be positive, certainly in the short-term." The CEO expects lower taxes and more jobs, all of which "translates into more disposable income and translates into more diamond purchases."
Sales for De Beers are likely to rise "a little bit" in the upcoming year, according to Cleaver. The current year , on the other hand, is expected to be flat or down slightly, Bloomberg reports.
Going forward, a key dynamic in the diamond business will be the fact that, as of 2018 or 2019, supply won't expand at a rate to match demand growth, Cleaver told Bloomberg. The CEO "is unaware of any discoveries that would change a flat supply curve," according to the news organization.
Read more at Bloomberg.
Latest Shine Headlines
- Fewer Jewelry Stores Closed in the First Quarter
- Independent Jewelers Continue to Be Bullish on Outlook for 2017
- GIA Is Rolling Out a Desktop Testing Device for Mounted Gems
- Jewelry Brand Partners With Mercedes-Benz on Special-Edition Car
- Jeweler Finds Something Mysterious — and Cute — Outside His Door