Global demand for diamonds fell last year.
The diamond market isn’t likely to be “stellar” in the near future, according to De Beers.
Bruce Cleaver, CEO of the company, tells Rapaport News: “The rest of 2016 and 2017 are not going to be stellar years from a global GDP point of view or in terms of diamond jewelry consumption.”
De Beers is maintaining a cautious outlook, according to the article. De Beers recently released a new Diamond Insight Report.
In 2015, worldwide demand for diamonds dropped 3 percent to 79 billion, according to De Beers.
Cleaver notes, however, that millennials represent a “major opportunity” going forward,” as they are still “10 years away from their most affluent life stage.”
Read more at Rapaport News
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