Al Prepare dinner, CEO of De Beers, the world’s largest diamond firm, appeared on Bloomberg TV Wednesday morning to debate the way forward for diamond costs. He expects demand to observe a U-shaped sample.
Bloomberg’s Jennifer Zabasajja requested Prepare dinner: “The place do you see the demand coming from?”
Prepare dinner responded: “So 2023 has been a really difficult yr for the diamond trade. And the decrease demand was attributable to three issues: a decline in international financial progress, the lengthy interval of Covid (lack of interplay between the world’s largest economies) and the deterioration of the worldwide economic system. lab-grown diamonds.”
He mentioned all three elements that suppressed the diamond market “will reverse in 2024.”
“We see 2024 as a yr of restoration,” Prepare dinner added.
Over the previous yr, we have made it clear to readers that diamond costs are imploding as luxurious demand falters and lab-grown diamonds flood markets all over the world (right here & right here & right here).
In accordance with information from Bloomberg, the Diamond Customary Index Worth not too long ago hit a low not seen since 2004.
How lengthy earlier than De Beers or different miners are hit by handy labor actions at mines that restrict international provides?