Synthetics add to diamonds’ difficult year
Tuesday, August 22, 2023 | 1000 Views |
Shining bright: Natural diamond producers are confident in the long term value of the gemstone
Retail and consumer data analytics consultancy, Tenoris, this week released a report that, under normal circumstances, should raise eyebrows in the diamond industry.
According to the firm, in July, after months of gradually nearing each other, natural and lab grown unit sales in the United States market reached a 50/50 share for the first time. The US is the world’s foremost market for diamond jewellery, accounting for 54% of a pie estimated at beyond $80 billion annually.
That sounds like good news. But the report also warns that this may simply be because our digital economy is still young, not because we are safe. As more people shop, bank and pay online, criminals will follow.We Batswana do not need a report to tell us that danger is real. Many of us have heard of or fallen victim to KYC scams. A caller impersonates your bank or mobile money provider. They say they need to “verify” your account. They ask...