Diamond industry news recap -October 16, 2024
Diamond Industry News Recap:
Happy Sukkot from Owl Financial Group!
As we celebrate Sukkot, a time of joy and reflection, we extend our best wishes for peace, happiness, and prosperity. In the spirit of staying informed, here’s our weekly news recap featuring the latest developments in the diamond and jewelry markets.
Amplifying the Message: Natural Diamond Industry’s Push for Demand
The natural diamond industry is ramping up its marketing efforts to stimulate demand during the crucial holiday season. De Beers and the Natural Diamond Council (NDC) have partnered with major jewelers like Signet Jewelers, rolling out campaigns to emphasize the unique attributes of natural diamonds. With natural diamonds losing market share to synthetics and challenges from US and China market slowdowns, the industry is urgently seeking a turnaround.
China ‘Kaput,’ Synthetics Are Biggest Disruptor, Says Martin Rapaport
In a recent address, Martin Rapaport highlighted China’s decline in diamond demand, calling the market “kaput.” Rapaport cited competition from synthetic diamonds as the biggest threat to natural diamonds. He predicted that synthetics, while appealing in the short term, may eventually decline, leaving room for natural diamonds to regain value, particularly as older generations pass down $72 trillion in wealth.
Call for Clear Lab-Grown Labels in India
The Gems and Jewellery Export Promotion Council (GJEPC) is calling on the Indian government to adopt US guidelines requiring clear labeling for lab-grown diamonds. The lack of standardization and mandatory disclosure in India is causing confusion, with GJEPC arguing for stricter rules to differentiate between natural and lab-grown diamonds..
Global Supply of Diamonds Has Peaked
Moses Madondo, CEO of De Beers group managed operations, announced that global diamond supply has peaked, with future production expected to decline due to mine closures. While limited supply may create price growth potential, Madondo emphasized the importance of new deposits, such as the Luele mine in Angola, which is projected to ramp up production in the 2030s.
Costco Now Selling Platinum Bars
Following its success in selling over $100 million in gold bars, Costco has added platinum bars to its offerings, retailing at $1,089 for a 1 oz. bar. Manufactured by PAMP Suisse, the bars are available exclusively to Costco members and have generated considerable interest, furthering Costco’s entry into the precious metals market.
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