As the economic recession increased its stronghold on consumers, plunging jewellery sales sent the diamond industry into a tail spin. At the onset of the slowdown, the industry seemed immune, as sales of top tier goods overshadowed the decline in mid-grade diamond sales.
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
Diamond prices in a November tender were half the level achieved earlier in 2008, the company said. For full story, click here
The day after Thanksgiving has long been known as “Black Friday”, a moniker that denotes the fact that it is on that day that retailers go from being in the red, to the black. Many stores open as early as 4 am, coaxing shoppers through their doors with ‘once a year’ sales.
Diamonds are the only commodity used in the jewelry industry with prices that are still above last year’s level. When compared to the U.S. stock market, diamonds have dramatically outperformed equities. For full story, click here
Kopane Diamond Developments has announced that it intends to suspend production at its diamond mining plant in Lesotho in southern Africa after tumbling diamond prices put at risk the profitability of the operation. For full story, click here
With the Christmas buying season upon us jewelry companies who would typically have their biggest sales of the year are bracing for disappointing numbers. A study completed this fall by the Harrison Group and American Express Publishing found that of all the luxury categories, jewelry could take the biggest hit in the downturn.
In what can be described as a positive aspect of the global meltdown, following the credit crunch the world over, prices of all metals across the board have seen a dip due to a steep fall in demand. And so did it happen in case of diamonds – one of the costly desires of women [...]
Alrosa will continue to defend current rough diamond prices from downward pressure by holding back sales, and increasing inventories For full story, click here
The diamond industry has decided to temporarily suspend all import of rough diamonds to limit the impact of the global meltdown on the industry. For full story, click here
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