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Israeli bank financing of the diamond industry was cut by 33% in 2020, falling below $500 million for the first time in 30 years. The decline reflected shrinking activity in 2020 and a decline in reliance on bank financing. But mostly, it reflects banks’ balking at dealing with the complications of working with diamond firms.
Health concerns aside, the diamond trade is in better shape than it was a year ago. In fact, the market dynamic is arguably healthier than it has been at any point in the past decade. That’s increasingly evident as polished prices continue to firm.
Rubel & Ménasché, the well-known Paris-based diamond company, has been supplying the jewelry houses of Place Vendôme with high-end goods for over 50 years.
The period 2020-21 of the global diamond and diamond jewellery industry could be termed as the most trying and arduous ever faced in recent times. When COVID-19 made its appearance, the diamond industry as part of the luxury sector was majorly impacted, due to lockdowns, travel restrictions and other hurdles.
Last year, Australia’s Argyle diamond mine closed after 37 years of operation. [In March], Melbourne University Publishing released Argyle: The Impossible Story of Australian Diamonds, a comprehensive history of the mine by Stuart Kells.
Customers of the Gemological Institute of America (GIA) are experiencing severe delays to grading submissions, creating worries about inventory management, Rapaport News has learned.
The diamond industry, which bounced off the bottom in July and August last year, received a strong support from the strong holiday jewellery sales, and in 2021, it is ready to compete in the growth rates with other beneficiaries of the global economic recovery from the COVID-19 pandemic.
Lately, the Indian diamond industry, on the whole, had been reeling with the effects of the implementation of GST and demonetization with several diamond polishers losing their jobs.
How well has the prominent Asian country weathered the crises of the past year, and what are its prospects for growth?
The GIA said it recently received more stones with counterfeit GIA report number inscriptions on their girdles.
Consumer spending on diamonds exceeded expectations in the fourth quarter of 2020 and has continued through early 2021, according to a top industry expert.
Increased synthetic-diamond production led to a price drop last year, giving lab-grown a greater share of the fashion-jewelry market, according to Bain & Company. Production of lab-grown diamonds has seen double-digit growth over the past two years, reaching 6 million to 7 million carats in 2020, Bain said Monday [February 8] in its annual report on […]
