Tuesday, 06 October 2020
All over the world, the diamond industry is going through a very complicated period, and optimism and concern are protagonists. This is what was outlined by the President of the World Federation of Diamond Bourses Mr. Yoram Dvash, a reality of which the Italian Diamond Exchange has been a part since 1954.
The world diamond industry is slowly getting back on its feet and the Diamond Exchanges are returning to activity albeit with the limitations of the period.
Likewise, the retail markets, China and the United States in the first place, are showing encouraging signs of recovery.
In a report on the global diamond industry, Moody’s Investors Service indicated that global revenues from diamond sales are expected to drop by 30-40% in 2020 due to the Covid-19 measures. And the market should gradually recover from the second half of this year.
For Luigi Cosma, President of the Italian Diamond Exchange, “with a greater return to normal life, we will see an increase in market demand, especially in the bridal sector”.
On the other hand, the fact that Coronavirus is still present in some areas of the world is worrying, with infections on the rise.
“Our industry has proven to be resilient, with excellent members, solid foundations and strong institutions.” Like the World Federation of Diamond Bourses, founded 70 years ago to look after the collective interests of the sector.