The price index for the 1-carat stone has decreased by 22% compared to the same period in 2023 and by 23% since the beginning of 2024.
Diamond prices in the global market have fallen to multi-year lows. Since the beginning of the year alone, the price index for 1-carat diamonds has fallen by 23%. This was reported by the American company Rapaport, which owns the largest diamond trading platform in the United States.
The price index for 1-carat diamonds on November 1 was down 22% compared to the same period in 2023 and by 23% since the beginning of this year.
Prices for smaller stones also fell, with the index for 0.5-carat diamonds down 14% year-over-year and 17% year-to-date, down to 1.64.
These results are influenced by several factors, one of which is the situation in Botswana. With the election of a new president, relations with major players in the diamond market, such as De Beers, may change. The previous administration had a difficult relationship with De Beers, especially the agreement on the sale of raw materials.
India is also experiencing a crisis in the diamond industry due to excess diamond reserves. This country accounts for nearly 90% of all diamond cutting in the world.
The situation is aggravated by low demand in key regions such as the US and China, as well as the development of the production of artificial diamonds.
Let’s remember that on December 18, 2023, the European Union announced the 12th package of sanctions against Russia. This includes strict restrictions against Russian diamonds. The ban also applies to jewelry containing Russian diamonds.
Largest diamond in a century found in Botswana mine
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.