Connect with us

Headlines

Is This the Start of a Comeback for the Diamond Industry?

mm

Published

on

Smaller diamond producers have their doubts.

In the face of decreased worldwide demand for diamonds, Bloomberg explores the potential impact of recent big sales by the two world’s largest producers, De Beers and Alrosa PJSC, who consequently have the biggest influence over prices.

The article explains how both companies recently sold a combined $1 billion in diamonds, though the CEOs of two smaller diamond producers are expressing doubt that it portends good things to come. William Lamb, CEO of Lucara Diamond Corp., told Bloomberg that it will be “very difficult to maintain the current exuberance of the market.” In the same vein, Firestone Diamonds CEO Stuart Brown called January “a good start on that road to recovery” but cautioned: “Time will tell. You don’t get any prizes for being bullish in this industry.”

Earlier this year, De Beers slashed diamond prices in response to slowing demand in China, which led to a giant $540 million sale in January. Industry guru Martin Rapaport later advised De Beers to not overprice rough diamonds “that result in a sharp decline in diamond manufacturing, polished shortages and bullwhip effects that increase volatility and uncertainty.”

Read more at Bloomberg

Advertisement

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular