Diamonds are forever but buyers are NOT

in 2015; slumping demand from China, previously one of the world’s fastest growing markets, resulted in an oversupply of demands and a crunch in prices. De Beers, now 85pc owned by Anglo American, took the unusual step of holding back supply to support prices. It sold 39pc fewer diamonds last year, but could not escape a 58pc drop in earnings. Nonetheless De Beers remains the largest producer of diamonds by value, followed by Russian giant Alrosa; Rio Tinto, Dominion and Petra follow some way behind the big two. There were silver linings to 2015’s performance. The US market, which accounts for roughly half of all diamond sales, grew at a healthy 5pc. It remains far ahead of China (17pc) and

Global Weakness Hits Antwerp Diamond Trade

Belgium’s polished diamond trade slumped last year due to an economic slowdown in India and China, the Antwerp World Diamond Centre (AWDC) reported. Polished exports slid 10 percent to $11.8 billion, while imports fell by the same margin to $11.39 billion, the AWDC said. Net polished exports, representing exports minus imports, climbed 2.7 percent to $410.8 million. By volume, polished exports dropped 9 percent to 5.4 million carats, with the average price slipping 1 percent to $2,175 per carat. Polished exports to Hong Kong dived 11.5 percent amid weaker consumer sentiment in Greater China. “India’s demonetization in early November had an immediate impact on trade with India, but sl

U.S Jewellery trade shrinks in 2016

The number of jewelry businesses operating in the U.S. fell 6 percent last year as more than 1,000 retailers closed down or merged with competitors. The drop took the total number of U.S. firms listed by the Jewelers Board of Trade (JBT) to 26,725 at the end of 2016, the industry association said. The number of businesses that ceased operations – meaning their closure was not due to financial failure or a merger – leapt 63 percent to 1,518 during the year. Cases of consolidation, including mergers or takeovers, increased 3.5 percent to 118. Meanwhile, there were just 33 bankruptcies during the year, a 15 percent decline from 2015. Within the jewelry trade, the manufacturing sector co

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