Diamond Industry Sees Uptick in Sales But Market Remains Fragile After Price Collapse
• Diamond sales picking up after producers took steps to prop up collapsing prices, with Alrosa and De Beers each selling $100M in late November
• But demand comes from just a handful of buyers, market not fully recovered
• Alrosa halted sales in September, India banned imports in October, De Beers allowed contract cancellations to support prices
• Prices down 30% since March 2022 due to post-pandemic slump and competition from lab-grown diamonds
• Sales remain below typical holiday season levels, with some deals driven by buyers needing enough diamonds to keep factories open