This week in the world of diamonds:
Renowned British auction houses Sotheby’s and Christie’s look back on their year and celebrate record-breaking jewellery sales. Located on King Street, London, Christie’s sold the largest diamond ever auctioned (‘The Art of Grisogono’) in November as well as the ‘Pink Promise’ diamond ring, which went for $32.16 million. Sotheby’s has succeeded in selling four of the five most expensive pieces of jewellery ever auctioned, making a total of $551.3 million this year.
Rapaport launch their diamond-trade podcast, set to feature discussion and news surrounding the diamond and jewellery industry. Appropriately named ‘In The Loupe’, the first 35-minute episode is all about diamond marketing, from the Meghan Markle effect to exclusive interview time with diamond marketing expert, Sally Morrison. Listen to the first episode here.
Brand new jewellery trade fair to take place in Geneva starting 10 May 2018. Coinciding with major auctions taking place in the city at that time, the Geneva International Gem & Jewellery Show will be designed for buyers and collectors.
How did the diamond industry fare in 2017? The US remains the largest end consumer market for diamonds, at around 50%. Some of the fastest-growing markets this year include China and India. The demand for rough diamonds strongly increased in early 2017, with midstream buyers purchasing 20% more of them (in value) from diamond producers compared to previous years.
What should we expect in 2018? Reports from industry experts include a number of predictions as to supply and market estimates for 2018. Some changes to look out for are:
– The sale of three mines (De Beers’ Voorspoed mine, Gem Diamond’s Ghaghoo mine and the Bunder diamond project) means new ownership.
– The South African mining charter will come under review in February, which could have considerable impact on diamond mining in South Africa.
The Mining Journal have a grand total of 22 predictions and expectations – read them all here.