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A new diamond industry report has been released, commissioned by the Antwerp World Diamond Centre.
A new diamond industry report has been released, commissioned by the Antwerp World Diamond Centre.

Diamond industry report predicts stable 2020, growth in 2021

US research and management-consulting firm Bain & Co. has released the 2019 edition of its Global Diamond Report, commissioned by the Antwerp World Diamond Centre.

Published annually, the report estimates the diamond industry’s revenue and total carats mined, as well as analysing diamond price movements and consumer demand for diamond jewellery over the past 12 months. It also makes predictions for the year ahead.

The latest report estimated that mining and midstream revenues decreased by 10–25 per cent this year, due to a combination of high volume – approximately 142 million carats mined – and lower consumer demand. It attributed the latter to ‘geopolitical and macroeconomic tension’, as well as ‘limited marketing support, especially for nonbranded and lower-end jewellery’. 

“We expect the midstream to clear its inventory backlog in the beginning of 2020, bringing a better year for the industry”
Bain & Co. report

According to Bain & Co.’s analysis, tightening credit in the Indian diamond cutting and polishing sector lead to a 25 per cent reduction in rough diamond purchasing, while polished prices fell 3 per cent.

Global diamond jewellery sales declined by ‘up to 2 per cent’ lead by softening demand in the US and China.

Meanwhile, it’s estimated that the lab-grown diamond market expanded by 15–20 per cent due to increased production from Chinese and Indian companies and consumer demand for lower-priced lab-created stones.

In predicting diamond industry trends over the next 12 months, the report’s authors wrote, “We expect the midstream to clear its inventory backlog in the beginning of 2020, bringing a better year for the industry,” however, a return to pre-2019 prices was unlikely in the short term.

“Major diamond producers have not announced substantial mining plan cuts, and we do not expect significant retail growth in 2020, as consumers brace for a global recession,” the report noted, adding that the industry was more likely to recover in 2021 as production began falling due to the closure of mines, including the Argyle Mine in Western Australia.

The full report is available here. 

 

More reading:
Navigating change: How 2019 shaped the diamond debate
The Great Diamond Debate: Round II
The white diamond report: Evolution and survival
 




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