Diamond industry news recap -January 23, 2025
Diamond Industry News Recap:
This Week in Diamonds & Jewelry: Industry Highlights
Welcome to another exciting edition of our weekly news roundup! From market forecasts and innovations to shifts in consumer behavior, here are the key highlights from the diamond and jewelry industry this week.
Petra Diamonds Lowers Price Forecast Amid Market Weakness
Petra Diamonds has revised its rough diamond price forecast for the second time in two months due to ongoing market challenges. The miner now expects rough from its Finsch mine in South Africa to sell for $70–$80 per carat, a significant drop from earlier predictions of $98–$105. Sales and production volumes have also declined, though Petra remains optimistic about a potential rebound driven by increased U.S. online jewelry demand and strong sales in India during Diwali.
Lab-Grown and Natural Diamonds: Room for Both?
Ahmed Bin Sulayem, CEO of Dubai Diamond Exchange’s parent body, DMCC, suggests that lab-grown and natural diamonds can coexist in harmony. In an open letter, he emphasized the unique benefits of lab-grown diamonds, such as profitability and sustainability, and urged the industry to view them as a catalyst for growth rather than competition. Sulayem also highlighted the need for the natural diamond industry to adapt to evolving demand and market dynamics.
Smart Rings Enter the Luxury Market
Indian startup Ultrahuman has disrupted the wearable tech space with its launch of luxury smart rings made of 18k gold and platinum. Priced between $1,900 and $2,250, these rings track sleep, stress, heart rate, and more. This move challenges market leader Oura Ring, which dominates the smart ring market with an 80% share. Ultrahuman’s innovation reflects a growing trend of integrating technology with luxury.
Younger, Diverse Consumers Drive Jewelry Market Growth
The jewelry sector is projected to grow by 4%–6% over the next two years, outperforming other luxury categories, according to a McKinsey & Co. and Business of Fashion report. The study attributes this growth to a younger, more diverse customer base and rising demand for branded jewelry. However, it warns that the natural diamond market faces challenges from lab-grown alternatives and post-pandemic engagement trends.
Independent Jewelers Shine Amid Economic Challenges
Despite economic uncertainties, independent jewelers thrived in 2024, driven by increased consumer spending and higher average ticket prices. While overall diamond sales dipped slightly, categories like diamond bracelets and necklaces saw double-digit growth. A balanced focus on natural and lab-grown diamonds has helped retailers navigate changing consumer preferences while maintaining healthy margins.
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