10-8-2020
World Federation of Diamond Bourses (WFDB) acting president Yoram Dvash publishes a newsletter encouraging diamond industry players to be optimistic, as WFDB sees ‘some signs that promise a light at the end of the tunnel’.
The hopeful signs after diamond imports and exports slumped 70 to 80 percent in the first half of 2020 included:
– Diamond prices are for the most part holding steady, mainly due to shortages in various categories.
– Q3 2020 is seeing smaller export and import drops, with July showing around 50 percent declines year over year. We expect that this will only strengthen over time and will deliver a strong holiday season.
– Manufacturers’ profit margins have improved and they are better than before the pandemic. Manufacturers are able to buy only the rough they need to meet actual demand.
– Diamond jewellery retail is doing fairly well. China has shown strong demand with sales soaring after the lockdown. In the United States, independent jewellers are reporting steady demand for jewellery to celebrate life-cycle events.
In the newsletter, Dvash expresses his gratitude to De Beers and Alrosa. The diamond giants stopped diamond mining activities and offered flexibility to their customers.
← Back