We live in a new dimension of environmental responsibility carried by business

In mid-October, Moscow hosted the VIII Ecological Forum attended by representatives from the State, large industrial companies, scientific and public organizations. The forum delegates discussed the issues related to finding a balance between the socio-economic...

Yesterday

De Beers’ GemFair delivering ‘positive impacts’ to ASM sector in Sierra Leone – David Johnson

GemFair, a pilot project developed by De Beers to create a secure and transparent route to market ethically sourced artisanal and small-scale mined (ASM) diamonds, is already delivering “important positive impacts” in Sierra Leone. Group head...

11 november 2019

Belgian-quality diamond boiling in Dubai from TRIGEM

Born in New York, David Zabinsky is CEO & Co-Founder of TRIGEM, an independent diamond service provider in Dubai. Before TRIGEM, David was Manager at Ras Al Khaimah Economic Zone, where he was responsible for securing North and South American investment...

05 november 2019

Pavel Shelkov: "Our project is an attempt to fit Russia into the global trend and create a new private company in the diamond industry"

At the end of September, Moscow hosted the Second Annual Conference, "Gold and Diamond Mining Companies of Russia and Europe." The audience showed great interest to the presentation made by diamond geologist Pavel Shelkov of Almazy Zapolyarya...

28 october 2019

The team that turns sleeping stones into beautiful polished diamonds

Maxim Zemlyakov is the Director General of ADMS OOO, a company cutting and polishing natural and synthetic diamonds in Oryol. He has been the Director General of Oryol-ALROSA since 2007. Before heading it, he worked as a grinder, cutter, instructor...

21 october 2019

‘Brides increasingly spend more of their own money on engagement rings’

29 october 2019

Women, particularly in the United States, are increasingly having more say in the choice of diamond jewellery they will wear and are also contributing towards its cost, even when it’s a gift to them, according to a study conducted by De Beers. 

news_29102019_debeers.png
                               Image credit: De Beers


Group chief executive Bruce Cleaver said in a statement accompanying the diamond insight report for 2019 that women’s earning power has increased and they are also choosing higher value pieces. 
The average price of engagement rings in the US is supported by brides more frequently acquiring for themselves and spending an increasing budget 
The proportion of engagement rings financed by brides alone has doubled between 2013 and 2017 to 14% of rings.
“What is more, the average spend of grooms has come down 13% in that period, while the average spend of brides has increased by 19%,” said De Beers.
“Thus, in 2017, brides who reported financing the ring themselves spent on average $4,400, while grooms spent $3,300 on diamond engagement rings. 
“This emphasises that growing purchasing power among women is a factor to be reckoned with in the commitment space and not only when it comes to self-purchasing of diamond jewellery.”
Cleaver said the desire for reciprocity is also an emerging trend with couples in China often choosing complementary diamond jewellery for each other, with ‘couple rings’ being the most popular option.
Meanwhile, De Beers said the macro-economic fundamentals remain supportive overall of diamond demand growth in 2019 with US-China trade war developments and currency fluctuations remaining the main risk to the downside.
Longer term, it said, the growing middle class of China and India offer the most upside potential if desirability can continue to grow.
“In the US, market expectations remain positive, with growth likely to remain steady; however, dissipating fiscal stimulus and rising recession fears could prove to be a drag on growth in 2020,” said De Beers.
“For the Chinese, assuming a de-escalation in the US-China trade conflict, demand is poised to increase as the country’s growth transitions to being consumption-driven.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished