Released last Friday by the Bank of Botswana, the latest diamond export figures confirm seesaw trends in the global demand for diamonds since the New Year, with most producers reporting below trend performance.According to the data, second quarter diamond exports were most significantly low in April at P1.64 billion, before rising to P2.43 billion and P2.71 billion in May and June respectively.First quarter diamond figures, by comparison, were weighed down by a low of P805 million in January, before rising to P2.23 billion and P2.95 billion in February and March respectively.
The second quarter figures are in line with experts' projections that the ongoing uncertainty in the Euro zone economy, coupled with declining demand from emerging markets in the East, would dampen both rough and polished sales."Since May, the diamond market has experienced challenging trading conditions due to reduced liquidity on the back of the continuing Eurozone crisis and reduced demand in the emerging East, particularly India," junior miner, Gem Diamonds said in a trade update last week."This has resulted in increased stock levels of rough and polished diamonds in the manufacturing sector. "May and June saw the first negative movements in the company's rough market price indices, as prices decline across the sector."
