Can the natural diamond market regain its sparkle?

The market for rough diamonds for jewellery is suffering one of its worst downturns as consumers switch to factory-made stones because of the plunge in prices. But now, the direction of the $83.5bn market may be set to turn with some forecasting a recovery in rough or natural stones as lab-grown prices have fallen too far.

The winners in the newly shaped industry have been the largest producers of factory-made diamonds from China and India — as well as consumers who until now could not afford to buy the precious stones. The market is also suffering because of a slowdown in spending in China, depressing revenues at De Beers by 30 per cent year on year and prompting a warning from chief executive Al Cook in June that a recovery could be slow and “U-shaped”.

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