June 2020 is over, and it’s time to review its key consequences
In June, the Coronavirus pandemic still has a big impact on the dynamics of the diamond market. Nevertheless, it’s hard to define whether the industry in general suffers from the crisis or steadily recovers from it. That’s why we encourage you to read this news digest and decide the state of a diamond market by yourself.
The decline in exports and imports in India
This month, India announced the dramatic shortage in exports and imports for most materials used in the diamond jewelry. The country disclosed the decline in exports for cut and polished diamonds by almost 80% and gold jewelry by over 90%. Imports of rough diamonds also fell by over 90%. In general, the production volume stopped since most of the weddings are either postponed or canceled.
Tiffany reported a robust recovery in mainland China
Tiffany, one of the biggest retailers for diamond jewelry, shared the good news about its performance on the Chinese market. CEO Alessandro Bogliolo validated the far-sightedness of the company’s decision to invest in domestic business and encourage local spending. In the global lockdown circumstances, this brings the company an unprecedented rise in shares by 2%.
Angola is working on its plan to become a new diamond hub
While the world closes, Angola discovers the opportunities in current market limitations. In particular, the local government appointed Peter Meeus as a new coordinator of a diamond hub project in Angola. The country aims at creating diamond infrastructure and supporting the industry development launched a couple of years ago. In fact, the incentive is about to unite 14 mining projects in the country. Peter himself shares his optimism and anticipation of mutually beneficial cooperation.
De Beers and Alrosa adjusted their business models to the new reality
The biggest diamond companies demonstrate the openness to new approaches and models. In Alrosa, clients received an opportunity to receive 3D scans of diamonds before getting them. In its turn, De Beers has adjusted its business schedule to address the market changes and travel restrictions. Altogether, the diamond brands are doing everything possible to guarantee the maximum safety and satisfactory service to their clients.