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The diamond market has yet to feel the full effect of the war in Ukraine. Initial predictions pointed to a potential supply shortage that would result from having Alrosa, with its large share of global rough production, off the market. However, those scarcities have not emerged significantly.
In two weeks [February 20], Bruce Cleaver will step down as De Beers CEO, after six years in the role. His replacement will be energy executive Al Cook.
The bloc is considering a quota or other restrictions on Russian diamonds. Industry members and politicians claim only a global effort will have an impact.
US retail sales saw slower-than-expected growth during the recent holiday season amid inflation and high interest rates, according to the National Retail Federation (NRF).
De Beers has made sharp price changes at this week’s sight, implementing deep reductions in larger goods and increases for smaller stones.
Industry insiders share their New Year predictions and plans for the new year.
The luxury market could grow by up to 8% this year as the industry is well positioned to weather difficult economic conditions, Bain & Company said.
As we have done for the past three years, JCK has collected the thoughts of celebrities, industry pros, and just plain folks on the year’s hot topics—everything from lab-grown diamonds to NFTs to the industry post-COVID—and on jewelry in general.
De Beers plans to allocate more of its rough to manufacturing units in Africa next year, according to sightholders, resulting in less supply for other cutting operations amid a drop in the miner’s overall output.
De Beers has extended its sightholder contracts by one year, a reflection of what it calls “uncertainty” in the market.
Melee goods — and the rough that produces them — are outperforming larger sizes due to strong luxury demand and a supply squeeze.
The diamond industry is navigating a drop in demand and a rise in supply that is weighing on polished prices at the start of the holiday season.
