The Demand for Rough Diamonds is Predicted to Hit an New Record
According to one of the world’s largest diamond producers De Beers – the global demand for rough diamonds is set to increase and reach a new record this year. The demand for diamonds appears to be a safe-haven with the USA and China selling large quantities of diamond jewellery. The diamond miner forecasts a sales growth of 8-9% in the US diamond market increasing a previous forecast of a 7% sales increase. This year has been the year for diamonds, with the demand of rough diamonds on the increase; diamonds have been one of the best performing commodities and a strong growing market. The demand for rough diamonds is on the increase, which prompts the question as to how much the buying price of diamonds will increase. The Chief Executive Varda Shine, from the Diamond Trading Co stated: “In the next few years we won’t see an aggressive price growth as we have seen in the last two years, but we still believe that prices are going to continue growing over the next 5-10 years,” Last week De Beers also announced a 10 year agreement to move all diamond production from London to Botswana. The move is set to benefit the Botswana Government by increasing the revenue, which will improve the African country’s skill set and create a sustainable country that won’t solely rely on the diamond mining industry.