Dear readers,
This week we return to the issue of rough diamonds and their impact on the entire market. The relationship between supply and demand in the diamond industry is always a matter of considerable speculation; both the position and choices of the main mining companies are key for this sector where having access to a regular, high-quality supply of rough diamonds is a major issue…
Rapaport gives us an update on De Beers’ pricing, given that its rough price index, published in early February, is estimated to have risen by 23% over 12 months. Its average selling price has risen by 35% to $197 per carat, a considerable increase, coinciding with a 7% increase in output for 2022, at 34.6 million carats.
Russian diamonds are still causing controversy, as the G7 considers joint action to curb their trade and especially the profits that the Russian state might make from them. The EU also has its doubts and is considering capping their imports, although some argue for international measures given that “Russian diamond shipments to Antwerp [have] already slumped due to US consumer preferences and rough buyers’ difficulties in making payments.” Both the articles that we have reposted will give you a clear picture of the issue.
The article “Tiffany & Co. shines for LVMH in 2022 ” looks back at the successes of the luxury giant, driven by the good results of its watch and jewellery brands including Bvlgari, Chaumet or Tiffany & Co. which had an exceptional year!
We also wanted to highlight the beautiful diamond creations presented by Bonhams at the Luxury Paris Jewels auction.
Finally, Part 1 of Bruce Cleaver’s leaving interview by Rob Bates of JCK looks at the changes at the top of De Beers, its current agreements and its strategic decisions. We will publish Part 2 in a few days.
And to leave the last word to Bruce Cleaver: “There are challenges, but I think we’ve got to be focused on driving consumer demand. We can never take our eye off that ball.”
Happy reading and enjoy your week
Source Rubel & Ménasché
