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What Does the Future Hold for the Diamond Industry Post-COVID Era? Published January 21st, 2021 - 09:30 GMT
With the risk of the permanent closure of mines, diamond miners seek ways to extract more value from their mines regardless of the hit from canceled or delayed sales including the pressure of the market downturn. (Shutterstock)
Due to the COVID-19 Pandemic and lockdown of several countries all over the world, the diamond industry has taken a hard hit. The global diamond industry has experienced shuttering mines, disrupted supply chains and the fight for survival is rapidly rising.
As the Coronavirus crisis persisted and the restrictions heightened, most diamond markets took a complete downturn. Borders were closed for travel and lockdown measures were imposed to curb the spread of Covid-19. Hence, diamond imports and exports halted almost completely. With the cutting and polishing artisans confined to their homes, jewelry stores closed, the diamond trading world was