Above image: Rough diamonds for sale on the floor of the Antwerp Diamond Bourse. (Source: Paul Zimnisky)
STATE OF THE DIAMOND MARKET BACK ISSUE INDEX–
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> April 2024
Commentary: As Chinese citizens look for ways to diversify more of their net worth into hard assets amid a precarious residential real estate market and general economic uncertainty, diamonds seem to be a far second to gold.
Company updates: ALROSA, Sarine Technologies and Signet Jewelers.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: March 28, 2024
> March 2024
Commentary: The first phase of G7/EU sanctions on Russian diamonds become effective in March 2024, and while it is expected that most Russian goods will ultimately be routed to Eastern consumer markets, such as China, the region’s largest jeweler Chow Tai Fook recently told Paul Zimnisky that the company “does not purchase Russian diamonds.”
Company updates: De Beers, Pandora and Luk Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: February 26, 2024
> February 2024
Commentary: In a longer-term analysis of natural diamond availability, it is forecasted that in 2045 approximately 15 mines will be producing a “core” source of global supply amounting to about half of production by volume today.
Company updates: Rio Tinto, Burgundy Diamond Mines and LVMH.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: January 28, 2024
> January 2024
Commentary: An analysis of the progression of LGD media coverage over the last decade is telling of where the mainstream narrative falls and it gives perspective to those of us closely watching every headline, every sales figure and every price tick.
Company updates: De Beers, Star Diamond and Signet Jewelers.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: December 27, 2023
> December 2023
Commentary: Going into 2024, natural diamond supply volatility is likely to normalize as market forces ensue.
Company updates: Petra Diamonds, Lucara Diamond and Titan Company.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: November 28, 2023
> November 2023
Commentary: While China has represented upwards of 40% of the world’s total economic growth over the last quarter century, forecasts point to the nation’s growth slowing to the lowest levels since the early-1990’s, excluding the pandemic-lockdown laden years of 2020 and 2022 —this is notable because over the last two decades China has emerged as the diamond industry’s second largest consumer market.
Company updates: De Beers, LVMH and Chow Tai Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: October 28, 2023
> October 2023
Commentary: Supply fundamentals arguably pin what is hindering natural diamond prices at the moment —the impact from man-made diamonds is probably not as great as many may think.
Company updates: Burgundy Diamond Mines, Signet Jewelers and Chow Sang Sang.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: September 28, 2023
> September 2023
Commentary: An industry expectation that smaller natural diamonds would be completely cannibalized by lab-diamonds has not played out as many high-end jewelers and watchmakers that only sell natural stones have been supporting the smaller-stone natural diamond market whilst most retailers that are actively selling lab-diamonds are focused on the larger-stone engagement ring market.
Company updates: Lucara Diamond, Mountain Province Diamonds and Brilliant Earth.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: August 27, 2023
> August 2023
Commentary: Digitally-native diamond retailers continue to open physical stores while traditional jewelers continue to build out ecommerce capability, as both aim to streamline “digital” and “instore” to make shopping experiences convenient and efficient for customers.
Company updates: De Beers, Lucapa Diamond and Newfield Resources.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: July 27, 2023
> July 2023
Commentary: De Beers’ Lightbox began “test” selling lab-diamond engagement rings for the first time in June 2023 —on a relative basis, Lightbox diamonds still retail for an estimated 45% less than the average generic lab-diamond on the market (even five years after their launch).
Company updates: ALROSA, Burgundy Diamond Mines and Signet Jewelers.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: June 28, 2023
> June 2023
Commentary: The rough diamond market has been apathetic as of late; softer prices have prevailed across almost all sizes and categories due to a variety of factors punctuated by a speculated boost in Russian supply in recent weeks as ALROSA attempts to claw back market share lost last year.
Company updates: Richemont, Pandora and Charles & Colvard.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: May 27, 2023
> May 2023
Commentary: While there was initially speculation that fancy-colored lab-grown diamonds would be a popular item (especially post the debut of Lightbox), the very large majority of lab-diamonds sold remain colorless stones.
Company updates: LVMH, Signet Jewelers and Chow Sang Sang.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: April 28, 2023
> April 2023
Commentary: A short-term lull in demand for bridal jewelry is expected to continue before recovering to more “normal” levels by the end of 2024, however, longer-term, a drop in marriage rates on a per-capita basis in both the U.S. and China has led the diamond industry to focus more on “self-purchasers.”
Company updates: Burgundy Diamond Mines, Sarine Technologies, Signet Jewelers and Brilliant Earth.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: March 28, 2023
> March 2023
Commentary: LVMH, the world’s largest luxury conglomerate and parent of Tiffany & Co, said it is beginning to see “green shoots” in China following three-straight years of intermittent pandemic-related lockdowns.
Company updates: De Beers, Lucara Diamond and Pandora.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: February 27, 2023
> February 2023
Commentary: The relative trend of outperformance in the price of smaller diamonds continues into 2023, with smaller natural rough up as much as 140% over the last 10 quarters —notably, the price of smaller lab-diamonds has also outperformed over the same period with prices holding steady.
Company updates: ALROSA, Petra Diamonds and Titan Company.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: January 29, 2023
> January 2023
Commentary: All of the notable diamond mines that suspended operations for pandemic-related reasons during 2020 have since resumed production as of year-end 2022.
Company updates: Adamas One, Signet Jewelers and Luk Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: December 27, 2022
> December 2022
Commentary: Prominent online diamond retailer Blue Nile began selling loose lab-diamonds side-by-side with natural diamonds for the first time in November 2022 —the move followed Signet Jewelers' acquisition of the company just two months prior.
Company updates: Lucara Diamond, Mountain Province Diamonds, Sarine Technologies and Pandora.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: November 28, 2022
> November 2022
Commentary: U.S.-based jewelry wholesaler Quality Gold entered into an agreement to go public through a "blank-check company" which values the company at almost $1 billion —the pending deal lifts the shroud on a segment of the industry’s midstream which has traditionally been private.
Company updates: North Arrow Minerals, LVMH and Chow Tai Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: October 27, 2022
> October 2022
Commentary: Central banks around the world are walking a fine line attempting to slow economies in order to stymie inflation without causing a severe recession, although a more-than satisfactory performance for the diamond and jewelry industry in the coming quarter is possible despite the external noise.
Company updates: Petra Diamonds, Gem Diamonds, Newfield Resources and Signet Jewelers.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: September 27, 2022
> September 2022
Commentary: Copenhagen-based Pandora, the world’s largest vertically-integrated fashion jeweler, officially launched its much-anticipated lab-diamond jewelry line in the U.S. —in ways, the line seems to parallel De Beers’ Lightbox lab-diamond jewelry strategy.
Company updates: Lucara Diamond, Lucapa Diamond, Signet Jewelers, Brilliant Earth and Pandora.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: August 28, 2022
> August 2022
Commentary: De Beers is estimated to be holding the least amount of rough diamond inventory since 2014, while ALROSA is estimated to have accumulated significant excess supply in recent months given the sanctions and trading restrictions on Russian diamonds.
Company updates: Star Diamond, Richemont and Luk Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: July 28, 2022
> July 2022
Commentary: U.S.-based lab-diamond producer, Adamas One, filed a prospectus to go public —if successful, the company would be the only publicly traded lab-diamond producer outside of China, providing a glimpse into the financially opaque industry.
Company updates: Signet Jewelers, Titan Company and Mudrick Capital Acquisition Corp. II (i.e. Blue Nile).
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: June 25, 2022
> June 2022
Commentary: Pressure on central banks around the world to urgently tighten economic conditions in the face of a multi-decade surge in inflation is unsettling consumer sentiment and the stock market alike, but diamond prices remain relatively buoyant.
Company updates: Lucara Diamond, Pandora and Brilliant Earth.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: May 26, 2022
> May 2022
Commentary: After going parabolic from November 2021 through January 2022, the "secondary" rough diamond market has retreated by a double-digit percentage —all while the "primary" market has remained relatively stable.
Company updates: LVMH, Chow Tai Fook and Titan Company.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: April 26, 2022
> April 2022
Commentary: An analysis of polished lab-grown diamond prices shows that smaller goods, i.e. those less than 1-carat, have notably stabilized after a multi-year, almost linear, downtrend going back to mid-last decade —it appears that it’s not attractive for most producers to make small goods when the relative profit is higher with larger sizes.
Company updates: ALROSA, Mountain Province Diamonds, Signet Jewelers, Brilliant Earth and Chow Sang Sang.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: March 28, 2022
> March 2022
Commentary: Russian diamond miner, ALMAR, plans to IPO on the country’s SPB Exchange in March 2022 —despite Russia being the world’s largest supplier of diamonds, ALMAR would only be the country’s third producer.
Company updates: Petra Diamonds, Pandora and Charles & Colvard.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: February 26, 2022
> February 2022
Commentary: According to global payments company American Express, “travel and entertainment spending” has returned to 82% of the pre-pandemic level, although diamond jewelry sales continue to soar.
Company updates: ALROSA, LVMH and Chow Tai Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: January 30, 2022
> January 2022
Commentary: America’s largest jewelry conglomerate, Signet Jewelers, began selling lab-diamond versions of its two most popular branded-diamond-ring lines: LEO Diamond and Vera Wang Love.
Company updates: Star Diamond, Newfield Resources, Signet Jewelers and Luk Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: December 28, 2021
> December 2021
Commentary: After a strong recovery in both rough and polished diamond prices in the second half of 2020, the uptrend in rough prices has continued in 2021 while polished prices have stagnated.
Company updates: Mountain Province Diamonds, Lucapa Diamond, Brilliant Earth and Pandora.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: December 1, 2021
> November 2021
Commentary: Australia-based Burgundy Diamond Mines, which last year made a foray into diamond exploration and development, recently announced an “evolution” of its business model which includes bringing the Ellendale mine back into production, restarting a diamond manufacturing facility in Perth and building an “ultra-luxury” brand to market fancy-colored polished diamonds.
Company updates: Rio Tinto, Signet Jewelers and Chow Tai Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: October 29, 2021
> October 2021
Commentary: Online diamond retailer Brilliant Earth went public valued at about $1 billion –the once Silicon Valley-based start-up is now speculated to be the largest seller of man-made diamonds globally.
Company updates: Gem Diamonds, Signet Jewelers and Pandora.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: September 28, 2021
> September 2021
Commentary: With development of the Luaxe mine in Angola continuing (albeit) at a “challenging” pace, it is a reminder of the sluggish progression of new diamond mines in the industry.
Company updates: ALROSA, Lucara Diamond and Pandora.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: August 30, 2021
> August 2021
Commentary: In a complete turn of events over the last year, ALROSA is now buying from the Gohkran, the Russian government’s precious metal and stone reserve, due to supply shortages.
Company updates: Petra Diamonds, Lucara Diamond and LVMH.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: July 30, 2021
> July 2021
Commentary: China’s largest jeweler, Chow Tai Fook, said that it expects “sales in the consumer market in Mainland China (to) surge rapidly in coming years,” due impart to government driven policies to boost domestic consumption.
Company updates: Signet Jewelers and North Arrow Minerals.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: June 28, 2021
> June 2021
Commentary: Robust activity in the diamond supply chain coming out of the pandemic continues to drive demand for rough, and Diamond Works Technology aims to drive more cost effective, higher-quality man-made diamond production with single-stage CVD growth technology.
Company updates: ALROSA, Richemont, Luk Fook, Pandora and Charles & Colvard.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: May 29, 2021
> May 2021
Commentary: Diamond Foundry, a leading U.S.-based man-made diamond producer took advantage of current market conditions and raised $200 million at a $1.8 billion valuation with sights at growing production to 5 million carats annually by 2023.
Company updates: Lucara Diamond, Petra Diamonds, Lucapa Diamond, Chow Tai Fook, Titan Company and LVMH.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: April 28, 2021
> April 2021
Commentary: Globally, diamond miners are estimated to be producing at approximately 90% of full-capacity and Signet Jewelers, the largest jeweler in North America, provided sales guidance that provides important insight into the company’s view of the jewelry industry post-pandemic.
Company updates: ALROSA, Gem Diamonds, Mountain Province Diamonds, Burgundy Diamond Mines and Signet Jewelers.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: March 29, 2021
> March 2021
Commentary: A generational consumer boom for diamonds could result from a continuation of stimulus making its way through the global economy along with pent-up demand for weddings, especially in the second-half of 2021 as herd immunity is reached in key markets such as the U.S.
Company updates: Lucara Diamond, Pandora and Charles & Colvard.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: February 27, 2021
> February 2021
Commentary: Momentum in the rough diamond market that began toward the end of 2020 has continued into the new year and in January aggregate rough prices made a trailing-52-week high according to the Zimnisky Global Rough Diamond Price Index.
Company updates: Petra Diamonds, Signet Jewelers, LVMH, Richemont, Chow Tai Fook and Titan Company.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: January 30, 2021
> January 2021
Commentary: During an analyst update, De Beers’ parent, Anglo American, expressed enthusiasm about the future of the diamond industry in 2021 and beyond.
Company updates: De Beers, Mountain Province Diamonds and Signet Jewelers.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: December 29, 2020
> December 2020
Commentary: Major jewelers saw sales remarkably rebound in the calendar and fiscal quarter ending September 30 and October 31, respectively, which followed sizable sales declines for the industry in the previous two quarters due to the pandemic.
Company updates: Lucara Diamond, Tiffany & Co., and Charles & Colvard.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: November 30, 2020
> November 2020
Commentary: A 102-carat, oval-shaped, D-flawless, Type-IIa Canadian diamond recently sold at auction for $15.7 million, however, on a per carat basis, the selling price was 30-40% below similar quality diamonds sold at auction in years past.
Company updates: Petra Diamonds, Chow Tai Fook and LVMH.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: November 1, 2020
> October 2020
Commentary: Out of the eight large-scale commercial diamond mines globally whose operations remain suspended related to the pandemic and subsequent market conditions, two have committed to resume production by year-end, in addition, Dominion Diamond expects to close a restructuring deal in November which could enable the world-class Ekati mine to restart production as well.
Company updates: Gem Diamonds, Signet Jewelers and Tiffany & Co.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: September 30, 2020
> September 2020
Commentary: The impact of the pandemic has led to a continuation of a multi-year down-trend in diamond prices, but the situation has also acted as a catalyst to expedite pre-existing supply trends that should be fundamentally supportive of prices in the medium and longer-term.
Company updates: ALROSA, Lucara Diamond, RJK Explorations and Tiffany & Co.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: August 30, 2020
> August 2020
Commentary: Concerns around currency debasement and asset inflation driven by unprecedented economic stimulus in the U.S. in response to the pandemic could be supportive of nominal diamond prices.
Company updates: De Beers, Newfield Resources, Golden Share Resources and Chow Tai Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: July 30, 2020
> July 2020
Commentary: The diamond industry continues to reopen post-global lockdown in what feels like a “two steps forward, one step back” process.
Company updates: ALROSA, North Arrow Minerals, Tiffany & Co. and Signet Jewelers.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: June 30, 2020
> June 2020
Commentary: India’s mid-stream businesses begin to gradually reopen after a multi-month shutdown, but a proposed moratorium on rough diamond imports could further hinder what has been a debilitated industry-wide supply chain since March.
Company updates: Lucara Diamond, Mountain Province Diamonds and Richemont.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: May 31, 2020
> May 2020
Commentary: The world’s third largest diamond producer by value, privately-held Dominion Diamond, filed for insolvency protection in Canadian provincial court.
Company updates: Lucara Diamond, Petra Diamonds, Chow Sang Sang and LVMH.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: April 30, 2020
> April 2020
Commentary: The Covid-19 pandemic has rendered the global diamond supply chain frozen, updated diamond supply and demand forecasts for 2020 and EHR Resources makes a foray into diamond exploration in a counter-trend move.
Company updates: Mountain Province Diamonds, Lucapa Diamond, Signet Jewelers and Chow Tai Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: March 31, 2020
> March 2020
Commentary: China’s largest jewelers temporarily close up to three-quarters of stores as mandated by local governments and shopping malls bringing all but necessary commerce to a standstill as the region battles the spread of the novel coronavirus.
Company updates: De Beers, Lucara Diamond, Firestone Diamonds and Star Diamond.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: February 29, 2020
> February 2020
Commentary: The major Greater China jewelers plan to permanently close some unprofitable stores in Hong Kong but continue to open new stores in the Mainland at a record pace.
Company updates: Petra Diamonds, Signet Jewelers, Chow Tai Fook, Luk Fook and LVMH.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: February 1, 2020
> January 2020
Commentary: The Luaxe project in Angola could produce as much as 8 million carats as early as 2026 but even that would only take global production to 130 million carats which would still be down considerably from recent levels.
Company updates: De Beers, Petra Diamonds and Signet Jewelers.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: January 1, 2020
> December 2019
Commentary: ALROSA cuts 2020 production guidance and Swiss technology company Synova launches automated diamond cutting machine using water-guided lasers.
Company updates: Lucara Diamond, Gem Diamonds, Star Diamond and Tiffany & Co.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: December 3, 2019
> November 2019
Commentary: Hong Kong’s Anti-Extradition Law Amendment Bill Movement and the ongoing trade war between the U.S. and China are gravely impacting jewelry sales in the region.
Company updates: ALROSA, Mountain Province Diamonds, Firestone Diamonds, Lithoquest Diamonds, Tiffany & Co. and Chow Tai Fook.
Data: Rough versus polished price analysis, rough price analysis by size, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis, mid-stream inventory analysis and global diamond supply/demand forecast.
Date published: October 30, 2019
> October 2019
Commentary: Diamonds and jewelry imported into the U.S. from China will be subject to a 15% tariff effective September 2019 and ALROSA to market the company’s strongest fluorescent diamonds as “Luminous Diamonds.”
Company updates: Petra Diamonds, Stornoway Diamond and Signet Jewelers.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: October 1, 2019
> September 2019
Commentary: The major diamond miners strategically reduce supply to market and the multi-quarter stretch of mid-stream excess inventory deleveraging appears to be tapering.
Company updates: ALROSA, Lucara Diamond, Gem Diamonds, Tiffany & Co. and Chow Tai Fook.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: September 1, 2019
> August 2019
Commentary: Action recently taken by De Beers to stabilize the diamond market serves as an important reminder that the industry remains proactive in protecting itself.
Company updates: De Beers, Mountain Province Diamonds, Petra Diamonds, Lucapa Diamond, Stornoway Diamond, Tsodilo Resources and LVMH.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: August 4, 2019
> July 2019
Commentary: The diamond market has not recovered in Q2 2019 following a lackluster Q1 on the heels of a disappointing 2018 holiday shopping season and Diamond Standard launches the “world’s first fungible diamond commodity” to unlock the investability potential of diamonds.
Company updates: De Beers, ALROSA, Newfield Resources and Lithoquest Diamonds.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: July 29, 2019
> June 2019
Commentary: Greater China’s Chow Tai Fook continues to aggressively expand with new store openings and the implication of U.S-China trade hostility on the diamond industry.
Company updates: Lucara Diamond, Mountain Province Diamonds, Gem Diamonds, Stornoway Diamond, Star Diamond, North Arrow Minerals, Tiffany & Co. and Signet Jewelers.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: June 8, 2019
> May 2019
Commentary: De Beers finally introduces a diamond provenance strategy and a look at other industry source transparency initiatives.
Company updates: ALROSA, Petra Diamonds, Mountain Province Diamonds and Chow Tai Fook.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: May 5, 2019
> April 2019
Commentary: Up to 2 million carats of Luaxe trial mining production is possible as early as 2022 and global diamond jewelry demand is expected to grow in 2019 albeit at a moderate rate.
Company updates: ALROSA, Mountain Province Diamonds, Stornoway Diamond, Firestone Diamonds, Tiffany & Co., Signet Jewelers and Chow Sang Sang.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: April 7, 2019
> March 2019
Commentary: 2018 global diamond demand year in review and trend tracking.
Company updates: De Beers, Lucara Diamond, Gem Diamonds, Lucapa Diamond and Signet Jewelers.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: March 5, 2019
> February 2019
Commentary: Demand for smaller sizes of rough continues to be weak relative to medium and larger sizes as new mine supply floods the pipeline, manufacturer buying power dries up and Chinese HPHT lab-created diamond production exacerbates oversupply of the category.
Company updates: Rio Tinto, Lucara Diamond, Petra Diamonds, Firestone Diamonds, Tsodilo Resources, Tiffany & Co., LVMH, Signet Jewelers and Chow Tai Fook.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: February 5, 2019
> January 2019
Commentary: Review of upstream diamond sales and like-for-like rough prices in 2018 and U.S. lab-diamond producer Diamond Foundry says they will be raising prices in 2019 despite evidence that prices are declining elsewhere.
Company updates: De Beers and ALROSA.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: January 7, 2019
> December 2018
Commentary: Updated review of global diamond supply and the impact of Victor, Voorspoed, Jubliee, Mir, Argyle and Ekati on the future supply picture.
Company updates: Mountain Province Diamonds, Stornoway Diamonds, Diamcor Mining, Newfield Resources, Tiffany & Co., Signet Jewelers and Richemont.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: December 10, 2018
> November 2018
Commentary: Russia’s ALROSA commenced commercial production at the company’s newest mine Verkhne-Munskoye leaving Luaxe, in Angola, as the only major diamond project in development globally.
Company updates: ALROSA, Lucara Diamond, Firestone Diamonds, North Arrow Minerals, Chow Tai Fook and LVMH.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: November 15, 2018
> October 2018
Commentary: Canadian royalty company Altius Minerals spins out its Lynx Diamond Project in Manitoba into a new company called Adia Resources and multiple Lightbox products sell out just weeks after debuting.
Company updates: ALROSA, Petra Diamonds, Stornoway Diamonds, Lucapa Diamond, Lithoquest Diamonds and Five Star Diamonds.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: October 9, 2018
> September 2018
Commentary: An analysis of factors driving rough diamond prices and why emerging market economies have been under pressure in recent months as currency crises in Argentina, Turkey, South Africa and Indonesia persist.
Company updates: ALROSA, Mountain Province Diamonds, Gem Diamonds, Diamcor Mining, Tiffany & Co., Signet Jewelers and Chow Sang Sang.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: September 10, 2018
> August 2018
Commentary: De Beers makes a bid for Peregrine diamonds targeting the company’s Chidliak project in the Nunavut Territories of Canada and the impact of the alleged Nirav Modi and Mehul Choksi fraud on the mid-steam segment of the industry.
Company updates: De Beers, ALROSA, Petra Diamonds, Rio Tinto, Firestone Diamonds, Tsodilo Resources, Dunnedin Ventures, Chow Tai Fook and LVMH.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: August 8, 2018
> July 2018
Commentary: ALROSA suspends deep-mine construction at the International mine as a safety precaution and China’s stock market falls over 20% from the high’s reached earlier in the year as the economy grapples with a government induced plan to curb an overleveraged consumer while at the same time attempting to maintain economic growth in an environment of rising oil prices and trade pressure from the U.S.
Company updates: ALROSA, Petra Diamonds, Stornoway Diamonds, Lucapa Diamond and North Arrow Minerals.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: July 11, 2018
> June 2018
Commentary: De Beers to expand Element-Six lab-diamond production operations with a new 500,000-carat per-year production facility in the western-U.S. to supply Lightbox and Tiffany and Signet stocks rally double-digits as fiscal Q1 results beat expectations.
Company updates: ALROSA, Petra Diamonds, Stornoway Diamonds, Peregrine Diamonds, Tiffany & Co. and Signet Jewelers.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: June 10, 2018
> May 2018
Commentary: Weak diamond prices in recent years has led to few new development projects and De Beers surprises with debut of Lightbox, a lab-diamond jewelry subsidiary.
Company updates: De Beers, ALROSA, Petra Diamonds, Lucara Diamond, Mountain Province Diamonds, Stornoway Diamonds, Star Diamond, Tsodilo Resources, Dunnedin Ventures, Fura Gems, LVMH and Chow Tai Fook.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: May 14, 2018
> April 2018
Commentary: Studies are underway at De Beers to expand Jwaneng, the largest diamond mine in the world, and Signet updates restructuring progress.
Company updates: ALROSA, Mountain Province Diamonds, Gem Diamonds, Stornoway Diamonds, Firestone Diamonds, Diamcor, Five Star Diamonds, North Arrow Minerals, Lithoquest Diamonds, Pangolin Diamonds, Tiffany & Co., Signet Jewelers and Chow Sang Sang.
Data: Rough versus polished price analysis, man-made diamond versus natural price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: April 11, 2018
> March 2018
Commentary: Rio Tinto cuts Argyle’s reserve base, a pending industry supply gap is emerging in 2021/2022 and Indian jewelry magnets Nirav Modi and Mehul Choksi are being investigated by India’s Central Bureau of Investigation for using fraudulent Punjab National Bank letters of undertaking.
Company updates: De Beers, Lucara Diamond, Peregrine Diamonds, North Arrow Minerals, Dunnedin Ventures and Lithoquest Diamonds.
Data: Rough versus polished price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: March 12, 2018
> February 2018
Commentary: Mountain Province acquires of Kennady Diamonds and lab-grown diamond retailer Vrai & Oro closes only physical location after being open for less than a year.
Company updates: ALROSA, De Beers, Petra Diamonds, Rio Tinto, Mountain Province Diamonds, Gem Diamonds, Lucapa Diamond, Star Diamond, Stellar Diamonds and Luk Fook.
Data: Rough versus polished price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: February 16, 2018
> January 2018
Commentary: 2018 supply forecast, ALROSA’s product mix quality decreases and preliminary 2017 retail holiday season results.
Company updates: ALROSA, De Beers, Stornoway Diamonds, Lucapa Diamond, Shore Gold, Tsodilo Resources, Signet Jewelers, Chow Tai Fook and Richemont.
Data: Rough versus polished price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: January 15, 2018
> December 2017
Commentary: 2017 supply increases due to the commencement of production at three new mines, excess inventory shifts from the miners to the mid-stream segment and Signet disappoints with fiscal Q3 2017 results.
Company updates: ALROSA, De Beers, Lucara Diamond, Mountain Province Diamonds, Firestone Diamonds, Lucapa Diamond, Trans Hex, Peregrine Diamonds, Five Star Diamonds, North Arrow Minerals, Dunnedin Ventures, Crystal Exploration, Tiffany & Co., Signet Jewelers, Chow Tai Fook and Luk Fook.
Data: Rough versus polished price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: December 11, 2017
> November 2017
Commentary: De Beers to close the Victor mine and put Damtshaa back into production, Indian manufactures extend Diwali closure period due to weak conditions and Chow Tai Fook increased rate of new store openings.
Company updates: De Beers, ALROSA, Lucara Diamond, Dominion Diamond, Rio Tinto, Mountain Province Diamonds, Petra Diamonds, Gem Diamonds, Firestone Diamonds, Lucapa Diamond, Tsodilo Resources, North Arrow Minerals and Chow Tai Fook.
Data: Rough versus polished price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: November 10, 2017
> October 2017
Commentary: Zimbabwe Consolidated Mining Company purchased equipment for conglomerate mining at Marange, mid-stream demand softness and Chinese luxury spending is back on the rise.
Company updates: ALROSA, De Beers, Lucara Diamond, Dominion Diamond, Rio Tinto, Mountain Province Diamonds, Stornoway Diamonds, Petra Diamonds, Firestone Diamonds, Lucapa Diamond, Kennady Diamonds, Shore Gold, Five Star Diamonds, Stellar Diamonds, Richemont, Signet Jewelers and LVMH.
Data: Rough versus polished price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: October 16, 2017
> September 2017
Commentary: Analysis of global production outlook for 2017, expectations for a more subdued 2017 holiday shopping season in the U.S. and Chinese consumer confidence is the highest since 1996.
Company updates: De Beers, ALROSA, Lucara Diamond, Dominion Diamond, Rio Tinto, Mountain Province Diamonds, Stornoway Diamonds, Petra Diamonds, Firestone Diamonds, Gem Diamonds, Kennady Diamonds, Peregrine Diamonds, North Arrow Minerals, Tiffany & Co., Signet Jewelers and Chow Tai Fook.
Data: Rough versus polished price analysis, rough diamond sales analysis, upstream excess inventory analysis and global diamond supply/demand forecast.
Date published: September 18, 2017
