Inaugural Kruger Diamond Traders Tender in Dubai welcomes high-ranking DMCC officials

Kruger Diamond Traders DMCC inaugurated its first tender on 24th September 2022. The tender has received an overwhelming response from several clients based across all geographies. Over 45,000 carats are being currently offered for viewings that end...

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Christie's presents 'The Fortune Pink' at auction - Geneva, 8 November 2022

Christie’s has announced The Fortune Pink (estimate: US$ 25,000,000-35,000,000), an 18.18 carat pear-shaped fancy vivid pink diamond which will lead the Geneva Magnificent Jewels sale on 8 November 2022, as part of Christie’s Luxury Week.

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Osino acquires minority interests in Namibia gold project

Osino Resources has completed acquisitions of two remaining minority interests in the mineral properties comprising the Twin Hills gold project, in Namibia.

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Nungu Diamonds faces liquidation

South Africa’s Nungu Diamonds is facing possible liquidation after a breach of the credit agreement of R1.6 million it had with financers Anglo American Zimele, according to local media reports.

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Glencore mulls loans to boost output at Zambia's Mopani copper mine – report

Global miner Glencore has proposed a $200-million loan to defray for running costs of Mopani Copper Mines, which is owned by Zambia's State-owned mining company ZCCM-IH. Under the proposal, ZCCM-IH is also expected to contribute to the loan.

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Diamond market will remain balanced in the next few years, then followed by an increase - Bain

28 august 2013

Right now the diamond market is unstable, but it has a very positive growth outlook over the longer term, according to experts from the Bain consultancy releasing the Global Diamond Report on an annual basis. In Bain’s view, the fundamentals suggest that we shall see a balanced market in the next 3 to 4 years. But then production will cease to meet growing demand - and then we shall see a marked increase in rough diamond prices.

According to Bain, demand for rough diamonds will go up by more than 70% over the next 10 years - until 2023. The report says that global demand for rough amounted to about $ 15 billion in 2012. However, it is able to grow to $ 23 billion a year by 2023 due to the emerging markets - India and China in the first place.

In the evaluation of Bain, China and India are currently holding an aggregate share of 26% in the diamond consumption market. But by 2023, these fast-growing economies will consume over 40% of global rough, displacing the U.S. market from the leading position. The main growth will come from China, which is expected to command 29% of global diamond consumption by 2023 due to the rapid expansion of its middle class. The latter is expected to triple in 10 years.

The U.S. share in the consumption market will be reduced from the current 39% to 29% - due to the fact that today this market is virtually almost completely shaped and stabilized. Experts estimate that in 10 years a diamond engagement ring will be owned by 80% of married couples in the United States - no other country in the world has or is expected to have such a high rate. Nevertheless, demand for diamonds in the United States will still continue grow - albeit at a slower pace of about 2.4% per year.

According to Bain, diamond output in the next 10 years will not grow as fast as demand for diamonds. The Bain experts expect the peak of world diamond production in 2018, when it will reach 169 million carats fed by a number of new diamond mines launched. However, the peak will be short-lived: by the 2023, global diamond production will fall to 153 million carats. In value terms, production will rise to $ 18.4 billion in 2023 from $ 14.8 billion in 2012 - that is, by 24%.

Thus, worldwide diamond output will be able to meet demand for rough until 2016 due to new production capacities put into operation. But starting from 2017, the gap between supply and demand will rapidly increase, thereby pushing up prices for rough diamonds.

Elena Levina for Rough&Polished