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Increased Diamond Mining Cost Reflects Underlying Demand & Supply Situation

2004: Increased Diamond Mining Cost Denotes the Situation of Diamond Industry

Feb. 2004

As the Diamond Registry Bulletin predicted last month, De Beers has announced a rough diamond price increase. Starting with the January sight, the DTC is increasing the price of its rough diamonds by an average of 3 percent, with most categories rising in line with the average.

The announcement says the increase “reflects the underlying supply and demand situation. Demand for diamond jewelry improved in the second half of 2003 and expectations are for healthy growth in 2004. In addition the decline in the dollar over the last six months has had a significant impact, decreasing the price of diamonds to consumers in over 40 percent of the world and increasing the cost of mining.”

The increase is beginning to be felt in the polished. We feel there will be some raising of polished prices this year, after several years of them being stagnant. Dealers and manufacturers simply cannot stand to shoulder the rough increases themselves any longer.


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