In a recent press release, Russian mining giant Alrosa said they are encouraging indicators pointing towards market stabilization and a rebound in the prices of both rough and polished diamonds, Rough & Polished reports.
The company’s analysts attribute the positive shift in the global diamond market to improved forecasts for the worldwide economy, the approaching Christmas sales season, and the recovery of the wedding jewelry market in the US. Additionally, efforts by major diamond mining companies over the past months to stabilize diamond inventories in the midstream have contributed to this positive trend.
Alrosa quotes Leonid Khazanov, quoted in the press release as “an industry expert and Doctor of Economics,” remarked: “The market will experience some volatility, but I admit that towards the end of the year, diamond prices will rise because Christmas and New Year will come.”
Sergei Takhiev, head of corporate finance at Alrosa, said that by October, there was a stabilization in diamond prices, accompanied by the emergence of positive signs for certain types of stones. Takhiev noted: “We are now seeing more and more signs that the phase of inventory reduction in the cutting industry and retail segment is coming to an end.”
