Diamond business De Beers has reported that demand for diamond jewellery is increasing in India. Despite sluggish growth in other countries, the business expects the positive traction in India to contribute significantly to gradual demand recovery this year.
“I’m pleased to see a further increase in demand for De Beers rough diamonds during the second sales cycle of 2024,” said De Beers’ group CEO Al Cook, the Gem and Jewellery Export Promotion Council reported on its website. “However, ongoing economic uncertainty in the US has led to retailers restocking conservatively after the 2023 holiday season. Consumer demand for diamond jewellery is growing in India but remains sluggish in China. Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year.”
Cook emphasised the expected slow movement of growth in a Bloomberg TV interview in Cape Town, South Africa in February. “We expect that upturn in diamond demand to be gradual rather than sudden,” said Cook.
De Beers saw its rough diamond sales for its second sight of 2024 increase by 15% to total $430 million (as per its provisional figures), compared to its first rough sight of the year. However, its diamond sales for its second sight of 2023 had totalled $497 million.
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