Consumer demand for diamonds to remain stable in 2017: De Beers

15-03-2017 16:30 PM

AOJ E-NEWS: De Beers' CEO, Bruce Cleaver, said in Anglo American’s annual report for 2016 that “macroeconomic conditions underpinning consumer demand for diamonds remain broadly stable in aggregate, with the U.S expected to continue to be the main driver of global growth in 2017”, according to Rough & Polished.

The extent of global growth, said Cleaver, is dependent “the new administration in the US, the strength of the US dollar impacting consumer demand, economic performance in China, the effects of Indian demonetisation, and sentiment following the main US and Chinese New Year retail season”.

“Rough diamond demand is expected to normalise in 2017, reflecting underlying consumer and retail demand”, he said. “While producers continue destocking, forecast diamond production (by De Beers) for 2017 is expected to be in the range of 31-33 million carats, subject to trading conditions”.

Courtesy: Israelidiamonds

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