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U.S recession fears weigh on diamond outlook

Friday, June 16, 2023 | 350 Views |

Uncertain fortunes: Diamond demand depends largely on the trajectory of the US economy PIC: MORERI SEJAKGOMO

Renewed fears of a recession in the United States are clouding forecasts for diamond demand in the second half of the year, threatening to hamper budget revenues and growth.

Diamonds, the country’s principal economic commodity, raced to exports of P14 billion in the first three quarters of the year, up 10.1% over the same period last year, despite 2022 also representing a record high for the shiny stones.

Half-year production figures are due next month, but already the country’s major producers are expected to show both higher output and revenues, as demand for diamonds continues to firm.

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U.S recession fears weigh on diamond outlook

Renewed fears of a recession in the United States are clouding forecasts for diamond demand in the second half of the year, threatening to hamper budget revenues and growth.