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Diamonds enter make or break period for 2023

Friday, September 22, 2023 | 310 Views |

Better days: Diamonds are facing pressures unseen in the market in at least four years

The next few months will be critical for the direction of rough diamonds and the country’s economy, after a year described as “delicate and unprecedented” in which prices fell by more than 20% while tepid demand threatens to derail the post-pandemic recovery.

Traditionally in the diamond industry, the period between Thanksgiving in the United States and the Chinese New Year, represents the peak retail selling period every year.

Healthy demand for diamond jewellery and stones in key markets such as the US is more critically required this year, as the crisis building for rough producers such as Botswana has partly been caused by high inventory levels of polished diamonds in the midstream.

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Diamonds enter make or break period for 2023

The next few months will be critical for the direction of rough diamonds and the country’s economy, after a year described as “delicate and unprecedented” in which prices fell by more than 20% while tepid demand threatens to derail the post-pandemic recovery.