Weekly News Recap: December 4, 2024
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Weekly Diamond & Jewelry Industry News Recap
Stay informed with the latest updates shaping the diamond and jewelry industries. This week, we explore trends in diamond pricing, impactful industry awards, calls for expanded diamond verification points, and a decade-long reflection on holiday shopping trends.
Dive in below!
Diamond Prices Show Positive Trends
November brought a glimmer of hope for diamond prices, with some categories seeing increases due to pre-holiday demand and reduced polished production. The RapNet Diamond Index reported a 0.1% rise for 1-carat diamonds, with smaller diamonds like 0.30 and 0.50 carats also gaining traction. Despite this optimism, uncertainty looms post-holiday as traders watch how production and demand evolve.
Alrosa Matches De Beers with a 10% Price Cut
Following De Beers' December price reduction, Alrosa announced cuts averaging 10% to align with the market’s softened demand. While the move narrows the price gap between Alrosa and open-market options, geopolitical tensions and sanctions continue to impact the company’s operations and customer base. Industry insiders remain cautious about the long-term effects of these adjustments.
Diamonds Do Good Celebrates Industry Leaders
The 2025 Diamonds Do Good Awards will honor global trailblazers, including Claudia Cividino of Jared, Tanishq for purpose-driven leadership, and Govind Dholakia for his lifetime contributions to diamond cutting. These leaders exemplify the diamond industry’s commitment to innovation, ethics, and community empowerment. The awards gala will take place on June 5, 2025, in Las Vegas.
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India Pushes for a G7 Diamond Verification Point
India, responsible for polishing over 90% of the world’s diamonds, is advocating for its own G7 diamond verification center. Currently, Antwerp and Botswana are designated as verification points to ensure compliance with sanctions, but India emphasizes its critical role in the global supply chain. Discussions are underway to balance regional representation and efficiency.
A 10-Year Look at Holiday Shopping Trends
PricewaterhouseCoopers’ latest report compares consumer behaviors in 2015 and 2024, revealing significant changes in spending habits. Millennials remain the biggest spenders, while Gen Z prioritizes experiences and personal gifts. Inflation and an emphasis on travel have driven overall holiday spending to an average of $1,638 per person, a 7% increase from 2023.
Thank you for staying with us for your weekly industry insights! As the holiday season progresses, the diamond and jewelry sectors continue to evolve with both challenges and opportunities. Follow us for more updates next week. ??
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