ETRA’S CEO: DIAMOND PRICE RECOVERY SKIPPS SMALL STONES

Johan Dippenaar, CEO of Petra Diamonds, said the recovery in diamond prices is leaving out the smallest and lowest-quality gems.

Dippenaar, who spoke to Bloomberg last week in a piece quoted by Rough & Polished, said that the slump in prices of stones smaller than 0.75 carats was somewhat a “hangover of producer stockpiling, which left a ‘hefty supply’ to sell in the first half”.

Prices for the smallest diamonds were 15% lower this year, while there was a 7% increase for all stones yet to be cut and polished, according to Bloomberg numbers. Rough-diamond prices dropped 18% in 2015 due to a weak Chinese demand and an industry-wide credit crunch cut purchases.