Diamond market restoration stays sluggish to glitter, De Beers boss warns
Iman fashions a De Beers necklace
The restoration within the beleaguered diamond market is more likely to be sluggish, says the boss of De Beers.
Demand cooled final 12 months – sending costs tumbling – as world financial points took their toll.
It marked a pointy reverse in fortunes following the increase throughout lockdowns when individuals caught at house with money and time splashed out on diamonds similar to De Beers necklaces just like the one modelled by Iman and different luxuries.
Looking to the prospects for this 12 months, De Beers chief govt Al Cook informed Bloomberg TV: ‘We see 2024 as a year of recovery. We expect that upturn in diamond demand to be gradual rather than sudden.’
That got here as Pandora, the world’s largest jeweller, stated buying and selling to this point this 12 months had been ‘healthy’.
The firm, identified for its attraction bracelets, offered 107m items of jewelry final 12 months, up from 103m in 2022.
‘Despite the worldwide uncertainties, the company is manoeuvring strongly and better than the market,’ stated analyst Soren Lontoft Hansen, from Danish financial institution Sydbank.
