Iman models a De Beers necklace
Recovery of the beleaguered diamond market will likely be slow, says De Beers boss.
Demand cooled last year, causing prices to fall, as global economic woes took their toll.
It marked a sharp reversal in fortunes after the boom during lockdowns, when people stayed home with time and money spent on diamonds like De Beers necklaces like the one Iman modeled and other luxuries.
Regarding the outlook for this year, De Beers CEO Al Cook told Bloomberg TV: ‘We view 2024 as a recovery year. We hope that the increase in demand for diamonds will be gradual and not sudden.”
This 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 107 million pieces of jewelry last year, up from 103 million in 2022.
“Despite global uncertainties, the company is maneuvering strongly and better than the market,” said analyst Soren Lontoft Hansen at Danish bank Sydbank.