A recent analysis by diamond industry expert Edahn Golan explores the state of the diamond industry in June, highlighting its central stories and trends.
De Beers and Botswana
Golan begins his analysis with De Beers and Botswana, which dominated the attention of the industry in the Las Vegas trade shows in June. President Mokgweetsi Masisi of Botswana led a large delegation, and delivered several key messages, emphasizing Botswana’s role in the diamond industry’s future. He advocated for Botswana’s consultation in industry decisions, such as when Anglo American considers De Beers’ future or when G7 plans to route all non-Russian rough diamonds through Antwerp. Masisi insisted on a node in Botswana.
In a conversation with JCK Editor-in-Chief Victoria Gomelsky, Masisi encapsulated his message: “We may be a small country, but when it comes to diamonds, we pull weight.”
De Beers’ New Strategy
A year after taking over as De Beers’ CEO, Al Cook revealed the company’s new strategy, “Origins.” The strategy highlights De Beers’ dual focus on mining and retail, with increased emphasis on diamond jewelry sales and high-end retail operations.
The company is also expanding its polished diamond division and revising its lab-grown diamond (LG) strategy, sidelining Lightbox and focusing on its natural diamond market.
According to Golan, “De Beers will never buy LG from the market. After all, they are not in the business of encouraging this market.”
Trade Show Activity
Trade activity at JCK was mixed. Some exhibitors reported higher orders than in 2023, especially for items priced at $3,000 or higher. However, the number of sold jewelry items priced below $500 declined by 1%.
Retailers are focusing on high-end finished jewelry items rather than loose diamonds, aiming to provide immediate delivery to ensure sales.
Lab-Grown Diamonds at Trade Shows
For the first time, the number of LGD exhibitors declined amid an ongoing price crisis. Prices continue to drop, with some exhibitors advertising $100-per-carat prices, shaping the perception of new market standards.
In addition, retailers are trying to balance their LGD offerings to meet consumer demand without losing sales.
Read the full analysis here.
