Hope shimmers for troubled diamond market

Upbeat: Cook and Drosos are key partners in the industry PIC: DE BEERS
Upbeat: Cook and Drosos are key partners in the industry PIC: DE BEERS

The world’s largest diamond jewellery retailer, Signet, expects an uptick in the market for the shiny stones this year, following a steep downturn in 2023.

Signet, which is responsible for the sale of half of Botswana's diamonds in the retail market each year, shared signals of hope with both De Beers and local media during a round-table last week. Its CEO, Gina Drosos, said the global diamond market is entering a three-year period of recovery which will lead to a price rebound in the market and stronger demand for diamonds from this year.

“We had predicted that the world would go through a three-year period of price downturn following the pandemic and now that it is over, we predict a recovery for the next three years that will strengthen demand and help prices,” she said.

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