What is Happening to the Diamond Industry in 2020
Nobody was expecting 2020 to be one of the most challenging years in many aspects. The different things that happened have affected a lot of economies and the diamond industry is no exemption. Everyone felt the impact of the pandemic and are finding ways on how to overcome it.
Many methods have been proposed and many more are in the process. But anyone looking for engagement rings need not worry about not getting one in the future. Here are some of the latest developments in the diamond industry.
The Covid-19 Factor
We can’t deny that the pandemic has hit lots of economies in one way or another. There are plenty of ways it has impacted the global diamond industry.
- Demand from the Chinese market fell significantly. This is understood since being the epicenter of the epidemic, people stopped everything they did to address the concern and flatten the curve.
- Sales have been limited throughout the world. One of the indications of this is the cancellation of the event of a sale by DeBeers. They also closed up some stores in London, Paris, the US, and Canada.
- Production has also been put to a halt. In South Africa, mining has been put to a standstill as the lockdown was imposed.
The Emergence of Alternative Diamonds
Colored diamonds have surfaced and have come at the right time. Since mined diamonds became more and more scarce, lab-produced diamonds have been more and more pumped into the market.
People are appreciating these alternatives more and more not just because of their more inexpensive price but also for the close resemblance to mined diamonds Vancouver sellers have. These are now being put on custom engagement rings and are catching on more and more.
North Arrow Company
This is a growing independent diamond analyst that’s been steadily growing in popularity. They are promoting that there will be a shift in the dynamics of the diamond market in the years to come.
They are heralding good things to come despite what is being foreseen by other experts so that’s something worth considering in the future as well. Soon enough, we will see them move to more and more diamond rings analyzed by this company.
Innovation in Production
As technology continues to improve and more ways of mining and producing lab-grown diamonds are discovered, then we can expect a balance in the supply chain for the demands of the consumers.
This is a great indication that the diamond industry is here to stay no matter what may come even in the future.
Like the adage, diamonds are forever, the industry that produces them will continue to march on with new ways and processes to make wedding rings sparkle and make life a bit brighter.