Economy

Diamond market to recover fully by 2024

Chinese demand for diamonds is set bounce back in early 2021, according to Bain & Company’s annual Diamond Industry Report

The diamond supply chain is set to return to pre-pandemic levels between 2022 and 2024, according to Bain & Company’s annual Diamond Industry Report.

The report, which was carried out in cooperation with the Antwerp World Diamond Centre (AWDC), revealed that Chinese demand for diamonds is set to bounce back in early 2021.

Bain also predicts that the US will return to pre-Covid market levels due to multiple stimulus packages offered by the government.

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Markets in India and other emerging countries are not set to bounce back until either 2023 or 2024.

Rough diamond supply will continue to be stable at around 100 million carats annually over the next 10 years.

Production is likely to grow by 0% to 2% annually, which will allow the supply chain to rebalance over the next three to four years.

Furthermore, Bain also reports that jewellery demand is set to grow at an average of 2% to 3% each year between 2023 and 2030.

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