Glimmer of hope for diamonds
The diamond industry is showing signs of recovery as demand for natural, larger stones stabilizes following a period of decline caused by lab-grown alternatives. De Beers is planning a major marketing push to differentiate natural diamonds from synthetics.
Why it matters
The luxury goods market is attempting to pivot consumer perception to protect the value of natural diamonds against the rising popularity of lab-grown options.
The diamond sector is showing the first signs of future recovery, as the market for diamonds in the United States splits between lab-grown and natural diamonds.
Speaking at the Mining Expo and Conference in Windhoek on Thursday, Namdeb chief executive Riaan Burger said a big marketing campaign should be expected from De Beers later this year to capitalise on this split.
“We’re seeing the first indications that lab-grown [diamonds] have hit their ceiling, particularly in the bigger stones. The top end of the market is turning away from synthetics. If you’re at the upper end of the market, you don’t want the fake thing, you want the real thing,” he said.
The Rapaport Diamond Report, the standard price index for diamonds, shows the price of diamonds in July has stabilised, interrupting a months-long decline.
The price of bigger stones remained steady last month, the report says.
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