Diamond industry news recap -June 26, 2024
Diamond Industry News Recap:
Diamonds in the Rough?
The diamond industry continues to navigate a complex landscape this week. We keep you informed on the latest trends and developments:
EU Refines Russian Diamond Sanctions:
The European Union (EU) has extended the grace period for sanctions on imported Russian diamonds by six months until March 1, 2025. This provides additional time for establishing the G7 traceability system to prevent conflict diamonds from entering the market.
GIA Announces New Jewelry Reports:
The Gemological Institute of America (GIA) is piloting a new service offering comprehensive jewelry reports. These reports detail the metal composition, gemstone characteristics, and existing engravings, providing valuable insights for consumers considering pre-owned jewelry.
De Beers Sales Dip Amidst Market Challenges:
De Beers, a leading diamond producer, experienced a decline in rough diamond sales during its June sales cycle. This decrease is attributed partly to sluggish economic growth in China. Despite a resurgence in US retail interest, De Beers anticipates a gradual demand recovery.
Natural Diamonds: Desirability is Key:
A report by Boston Consulting Group (BCG) commissioned by De Beers acknowledges the uncertainties facing the natural diamond industry. While supply is expected to decrease due to limited exploration and maturing mines, maintaining consumer desire for diamonds remains a critical challenge in the face of competition from lab-grown diamonds and other luxury goods. Read more on IDEX Online
Summer Wedding Sparkle: Bold & Beautiful (For a lighter touch)
Looking to add a touch of summer flair to your wedding attire? Here's a quick trend update to get you inspired: embrace color and personal style, mix metals for a trendy vibe, make a statement with chandelier earrings, and for the gents,consider bolder bands or chunky bracelets. Shine bright this summer season! Read more on JCK Online
We hope you find this industry news update informative. Stay tuned for more industry developments from Owl Financial Group!
CALL US TODAY at 212-319-1250 for a private, discreet conversation on how you can leverage your jewelry assets to meet your cash needs.You can also email us at info@owlfinancialgroup.com with any questions you may have or schedule a meeting at our offices. https://linktr.ee/owlfinancialgroup
Owl Financial Group - Respected and trusted by Jewelers and Manufacturers throughout the world for over a decade.
Warm Regards,
Kathy Hillelson & Kalman Klein
Owl Financial Group, LLC
P: 212.319.1250 | F: 888.518.5744 | 844.CALL.OWL
info@owlfinancialgroup.com
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