Even though there has been a tremendous breakdown in financial markets this week, De Beers has been stable for its sale of diamond jewelry in the present year. The head of global sight holder sales, Mr. Paul Rowley, stated, “One can’t ignore what has happened on the financial markets in the past few days and weeks, but we also see our product doing quite well in these times. We see diamonds in general bucking the trend a little.”
The global sales of De Beers’ diamond jewelry had increased 3 percent in 2014. However, due to the slower growth observed in China and the effect of U.S. dollar on the markets it dominates, the progress of this year has been deeply affected.
Yet, the diamond miners forecast positive changes in the buying ability of customers in the United States, especially during Christmas, which is said to be a season for shopping. Rowley also expects to have a stable sale in China in the month of February, thanks to the period of Chinese New Year.
Demand for the polished diamonds:
Rowley has observed a stable demand for polished diamonds in the Chinese markets. “We saw a lot of those goods going to the Gemological Institute of America (GIA) for grading, but we subsequently didn’t see them fully turn into consumer demand;” said Rowley.
Appetite for the product:
Although the demand would not bounce back overnight, Rowley believes that they are still at a very reasonable position at the moment, especially with Christmas approaching.