Anyone thinking of popping the question over the next five years or so will probably be interested by the news that a relative shortage of diamonds is predicted from 2020 onwards. According to De Beers jewellers, a dearth of major new diamond finds means that production might not keep up with ever-increasing demand from the US, China and India – and Ireland! Existing mines in Botswana, South Africa and Namibia are becoming depleted and the need to dig deeper has made operations less profitable. De Beers said exploration has now turned to Angola, the Democratic Republic of Congo, Zimbabwe, Arctic Siberia and Canada. But the last major mine discovery came a decade ago in India, at Rio Tinto’s yet to be completed Bunder project. China has the fastest growing demand, jumping to a share of about 15% of the world’s diamond market from less than 3% in 2003. But it is not expected to overtake the US market’s 40% share for more than a decade. De Beers said China’s anti-corruption drive, which has hurt demand for luxury goods, would not affect the diamond industry. Global diamond jewellery sales were around $79 billion in 2013, up 3% compared to 2012, according to De Beers’ first Diamond Insight Report. Sales are expected to grow in the long term helped by recovery in the US economy as well as the growth of the middle class in the developing markets of China and India.
So any romantic lads out there waiting for the prices to fall would be advised not to wait – we’ll be glad to assist here at Bespoke Diamonds.