Demand for diamonds remains high
The world’s largest diamond producer, De Beers, has not sold that many gems since February and is on track for its best year since 2018.
During its last auction, the seventh of the year, De Beers sold 515 million dollars (about 435 million euros) worth of diamonds. That is the highest amount the British company has raised in late August and early September since 2016. Due to the corona crisis, people were unable to spend their money on holidays and other outings. Instead, they were willing to spend more on luxury items, such as diamonds.
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The offer of harsh precious stones fell strongly last year in light of the fact that less adornments were sold because of the crown crisis. This was mostly in light of the fact that gems stores needed to close. To set up costs, jewel makers restricted production. De Beers allegedly expanded the costs of unpleasant precious stones by 10% this year.
As it turns out, the area previously struggled in 2019, halfway because of oversupply and the ascent of manufactured jewels.