In order to encourage diamond mining companies that have been facing the brunt of reduced global demand and prices, the government of Angola is deciding to purchase diamonds from these local mining companies. For full story, click here
Gujarat’s diamond workers and traders are facing unprecedented crisis on account of fall in demand for diamonds caused by the recession looming over the globe for the past several months. For full story, click here
In 2008, as the bleak economic outlook deepened, there were significant repercussions for the diamond industry. Early on in the downswing it seemed that the industry would withstand the economic current. However, under close examination it was apparent that a storm was brewing.
Global demand for rough diamonds is expected to drop by some 60 percent this year as the global recession hits demand for luxury goods, industry consultants have said, noting lower demand from the vital U.S. market. For full story, click here
Global diamond demand, which stood at 160-million carats last year, could fall to 120-million carats this year, a drop of 25%. For full story, click here
With the holiday season behind us, now is the time diamond miners and retailers should have full pockets and empty shelves. However, with the holiday season of ’08 coming on the back of economic catastrophe, countries across the globe are reporting stark numbers for diamond exports and imports.
When 2008 started off, the world’s mining industry was in the mist of a boom, with never before seen prices being fetched for most of the metals, and miners raking in profits. With the way 2008 came to a close, it is hard to imagine that this was the scene just months earlier.
Diamond industry has hope even though the slowdown world over is clobbering businesse. While the effects can be seen temporarily through loss of jobs and orders, India ‘could see a faster turnaround once the economies recover,’ For full story, click here
The Diamond industry is heading to Hong Kong with high hopes that strong Far East demand will sustain high price levels. The diamond industry concerned that economic hardships in the US will dampen holiday jewelery demand, as Christmas is when jewelers realize the majority of their annual sales.
Panama is constructing Latin America’s first diamond exchange expected to be recognized by the World Federation of Diamond Bourses, to meet the new demand for diamond in the region. For full story, click here
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