MASSIVE DIAMOND PRICE HIKE

There’s no doubt that this massive price increase will have an effect on the prices paid by consumers, so if you’re in the market for a diamond, you’d better buy now and take advantage of the cheaper prices.

Fin24 reports that the diamond industry was one of the surprise winners as the global economy rebounded from the first effects of the pandemic. Consumer demand for diamond jewellery is expected to have grown strongly last year, while supply remained constrained.

The price of larger stones has risen by about 5% while the price of smaller rough diamonds has risen by as much as 20%.

De Beers is not the only producer to have made the big decision to increase its prices.

Russia’s Alrosa, the world’s top diamond producer by output, has also increased the price of its diamonds over the last few months, triggering complaints from some industry actors. They claim the price hike has gone too far, especially as polished prices need to climb higher to justify the rates that rough stones are fetching, reports mining.com

Image credit: Forbes