Iman models a De Beers necklace
The recovery in the beleaguered diamond market is likely to be slow, says the boss of De Beers.
Demand cooled last year – sending prices tumbling – as global economic issues took their toll.
It marked a sharp reverse in fortunes following the boom during lockdowns when people stuck at home with time and money splashed out on diamonds such as De Beers necklaces like the one modelled by Iman and other luxuries.
Looking to the prospects for this year, De Beers chief executive Al Cook told Bloomberg TV: ‘We see 2024 as a year of recovery. We expect that upturn in diamond demand to be gradual rather than sudden.’
That came as Pandora, the world’s biggest jeweller, said trading so far this year had been ‘healthy’.
The company, known for its charm bracelets, sold 107m pieces of jewellery last year, up from 103m in 2022.
‘Despite the worldwide uncertainties, the company is manoeuvring strongly and better than the market,’ said analyst Soren Lontoft Hansen, from Danish bank Sydbank.