After a brief surge in diamond jewellery demand during the pandemic, diamond miners are now grappling with an oversupply that is forcing them to reduce the excess inventory. The prices of natural diamonds have dropped by almost 20% compared to a year ago, following a surge in 2022, but were higher ten years ago.
Anglo American’s De Beers, the largest diamond producer by value, has been cutting its output due to sluggish demand. Sanctions-ridden Russian miner Alrosa, the world’s largest producer of rough diamonds by volume, stopped publishing sales data in early 2022, cut its output by 2.8% to 34.6 million carats last year.
The growing popularity and affordability of laboratory-grown diamonds (LGDs) are seen as the main contributors to the current challenges faced by the diamond market. Unlike miners, companies tied to man-made stones have reported positive results.
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