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The current shortfall in rough production will likely continue for up to a decade, while both demand and prices will remain strong, according to Bain & Company.Output fell 20% to 111 million carats in 2020 as the coronavirus pandemic forced companies to shut deposits, Bain said Monday in...
The diamond industry has long had to deal with predictions of doom. In the early 2000s, prices started to fluctuate as De Beers Group gave up its monopoly. Then scandals over conflict diamonds tarnished the gem’s sparkle among young, ethically minded consumers. At the same time, lab-grown diamonds began making strides in fine jewellery. This pessimism deepened as the pandemic led to the closure of mines and the cancellation of auctions for preapproved buyers. In July 2020, De Beers revealed interim revenues to June 30 had plummeted 54 per cent year on year: from $2.6bn to $1.2bn. But the in...
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Advertisement The world’s biggest jeweler, Pandora, said that laboratory-made diamonds would last forever. It also said of eliminating the use and selling of mined diamonds from its platform. Mined diamonds have been used for centuries to make jewelry that brings grace to the ladies. It has proved to be a status symbol and a source of attraction. But no more, with the world’s largest jeweler adapting to alternatives to create diamonds in laboratories, mined diamonds seem to stand less of a chance now. Growing demand for alternatives to mined diamonds is sourced from the concerns about the...
Laboratory-made diamonds are forever, says Pandora © Getty Images Pandora is launching its lab-made diamonds in the UK ahead of a global rollout The world's biggest jeweller, Pandora, says it will no longer sell mined diamonds and will switch to exclusively laboratory-made diamonds. Popular Searches Concerns about the environment and working practices in the mining industry have led to growing demand for alternatives to mined diamonds. Pandora's chief executive, Alexander Lacik, told the BBC the change was part of a broader sustainability drive. He said the firm was pursuing it because "it...