Diamond demand finally back
After the pandemic wrought dramatic pain upon the diamond industry after demand fell off a cliff, signs of stabilization are afoot. The two mining giants, De Beers and Alrosa, had to stockpile diamonds and stop mining in order for demand to catch up with supply.
Thankfully, demand has finally picked up to a point where the miners' inventory has been exhausted and prices can rise again.
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"The increase at this week’s sale is unusually sharp for De Beers. The miner this week increased the prices for some rough diamonds bigger than 2 carats by about 10%, with other expensive goods rising in high single digits, according to people familiar with the matter, who asked not to be identified discussing private information. The company also raised the prices of some categories of smaller goods."
While the growth numbers might seem spectacular it's important to note that diamond prices cratered in 2020 and mined diamond demand has been languishing for years.