Here at diamond investing news, we have been following how the financial crisis has been impacting the industry. For a brief summary over the past few months, it was not until the end of September that dropping revenues became an issue to diamond industry participants.
The diamond industry has been having a unique year.The top jewelry sales time is just around the corner, and not till that milestone is over and the numbers are crunched will companies be able to conclude on the successes and failures of 2008.
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.
Canada’s diamond production is on the rise. According to a report issued by the Mining Association of Canada, production rose 28 percent to 17 million carats in 2007.
The summer market lull has made its mark on July diamond sales in Asia. Japanese polish diamond imports took a marginal 0.9 percent rise to hit $73.96 million. Hong Kong reported July retail sales were flat, with jewelry among the worst performers. July diamond imports from India fell 14.7 percent to $25.56 million. Imports from Belgium rose 8.8 percent to $22.9 million.
Growing demand by consumers for polished diamonds has boosted the prices of rough diamond by 16% since the beginning of the year. For full news, click here
Prices of rough diamonds are likely to go up by 10 per cent as rise in retail jewellery sales and rising demand from consumers in India and China. For full story, click here
Rough diamond prices are on the rise. De Beers boosted rough diamond prices by an average of 5 percent this month due to strong demand for diamonds in Asian emerging markets and tight supply. A De Beers official was quoted as saying: Buoyant diamond demand from China, India and the Middle East would more than offset [...]
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