12 °c
London
Tuesday, May 30, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

In the new normal, diamonds are forever too

Rafael Carvalho by Rafael Carvalho
June 29, 2020
in Africa, Angola, Botswana, Diamond, DRC, Economy, FA, Gem, Mining, Namibia, South Africa
Reading Time: 2 mins read
883 9
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

The diamond market – best represented by giant miners such as Alrosa, Rio-Tinto Diamonds and household name De Beers – has recently been facing a dilemma: with the restrictions brought about by the pandemic slowly being lifted, what is the best way to start destocking their multi-billion dollars’ stock of rough diamonds, without compromising diamond cutters, jewellery manufacturers and traders, who up until now have been prevented to do much – if any – selling of the precious gem.

A recent report by industry experts Gemdax claims that an inventory of US$3.5B – distributed amongst the top five diamond producers worldwide – lies in wait, as the biggest miners in the industry are favouring stockpiling their rough diamonds rather than slashing their prices down the supply chain, a move not unfamiliar in the luxury segment: a price decrease may tarnish a distinguished brand’s reputation more than just financially. Their power lies in their perceived image strength, after all.

In fact, it has been reported that De Beers and Alrosa have not sold rough diamonds since February. Since diamonds are such unique merchandise (they require one to be there in person to see and touch, in order to assess their value), and with international travel being close to non-existent in the past few months, it is not hard to understand why. Suddenly, De Beers upcoming July sale is, understandably, proving to be the market’s biggest test in a long time.

Also read: Angola’s Endiama announces discovery of 171carat diamond

For Africa’s top five diamond mining countries – Botswana, DRC, Angola, South Africa and Namibia – economic recovery relies in part on the export of the precious stone: Botswana, the world’s second-biggest producer of diamonds, owes some 25% of its GDP to the mining of diamonds alone.

Will the new normal be less shiny as we enter the rough cut of a broken year, or will we prove right the words of James Bond’s creator, Ian Fleming, who famously wrote that “diamonds are forever”. Time will tell.

Related

Tags: africaAlrosaAngolaBotswanaDe BeersDe Beers GroupDemocratic Republic of the CongoDiamondsDR CongoDRCjewellery manufactureNamibiaRio Tinto Diamondsrough diamondsSouth AfricaSupply ChainанголаафрикаботсванаДемократическая Республика Конгонамибияюжная-африкаأفريقياأنغولابوتسواناجمهورية الكونغو الديموقراطيةجنوب-أفريقياناميبياアフリカアンゴラコンゴ民主共和国ナミビアボツワナ刚果民主共和国南アフリカ南非博茨瓦纳安哥拉纳米比亚非洲
ScanSendShare357Tweet223Share62Pin80Send
Rafael Carvalho

Rafael Carvalho

Currently the Managing Editor of furtherafrica.com, I am passionate about writing, in its myriad forms. As I started writing and editing content about Africa, I came to the realisation that, just like our ancestors hailed from the motherland, so is the future, too, very much African-oriented. Join me then, as we learn more about a future that is welcoming, multicultural and full of promise. The future that is Africa.

Related Posts

Development

Expand research capacity to spur economic development in Africa

by Elizabeth Khumalo
May 30, 2023
Uganda Scientists To Launch First Satellite In 2022
Fintech

Uganda takes a positive step towards crypto regulation

by FurtherAfrica
May 30, 2023
TECH – Coding Algorithms in MT4: Understanding MQL 4
Tech

TECH – Coding Algorithms in MT4: Understanding MQL 4

by FurtherAfrica
May 29, 2023
BP production in Angola is in decline since 2017
Energy

New oil companies entering Angola’s oil market

by FurtherAfrica
May 29, 2023
Agriculture

Mozambique is among the world’s largest tobacco producers

by 360 Mozambique
May 29, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Development

Expand research capacity to spur economic development in Africa

by Elizabeth Khumalo
May 30, 2023
0

Africa has been challenged to invest more in scientific research in advancing knowledge towards achievement of the continent's economic and...

Read more
Uganda Scientists To Launch First Satellite In 2022

Uganda takes a positive step towards crypto regulation

May 30, 2023
TECH – Coding Algorithms in MT4: Understanding MQL 4

TECH – Coding Algorithms in MT4: Understanding MQL 4

May 29, 2023
BP production in Angola is in decline since 2017

New oil companies entering Angola’s oil market

May 29, 2023

Mozambique is among the world’s largest tobacco producers

May 29, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107,187 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?