Diamond Industry Insight – 1st January 2015

Welcome to a more competitive year. As traders start to reconsider certificate options on diamond grading, the three main diamond grading labs rule the roost, the GIA leading from the front. Apart from this, the industry is undergoing a sea of change and it’s survival of the fittest. Consumers are happy to pay more for a better diamond and traders are finding it difficult to shift dodgy certificates.Rough diamond prices are predicted to continue its upward push leading to an upward trend in polished diamond prices in 2015 and 2016.Long term growth is pretty strong as rough diamond supplies deplete and demand, especially from the new economies, continue to strengthen. Much hyped “Lab created synthetic” diamonds fail to impact strong natural diamond sales as Global Diamond Jewellery Sales in 2014 are estimated at US$80 Billion with the USA leading the way, followed by China. Although consumer confidence has returned in the UK with increased sales of 3% Y.O.Y, in comparison, our island industry is worth around US$1 Billion in diamond jewellery sales with the overall jewellery and watch industry worth US$8 Billion. We, at Marlow’s wish all our customers a very happy new year and hope to see you soon at the store. The Chinese New Year of the Sheep begins 19th February a few days after Valentines.