DiamondBuzz
Natural Diamonds See Surge in Demand in India as Prices Drop 30%
Indian Consumers Rush to Buy Diamonds Amid Price Dip, While Lab-Grown Trends Impact Global
Indian consumers are seizing the opportunity to purchase natural diamonds as prices have fallen by around 30%, dropping from ₹5 lakh per carat in 2022 to ₹3.5 lakh. This price drop has sparked a wave of demand, especially as the cost of gold and silver continues to rise. With consumers increasingly turning to diamonds as an investment, the market for natural diamonds is seeing a notable rebound.
Globally, the rising popularity of lab-grown diamonds in the US and reduced purchases from China are contributing to the price fluctuations. Despite these trends, Indian jewellery manufacturers are adjusting to the higher demand for diamond-studded jewellery, meeting the needs of consumers eager to capitalize on the price drop. As the market shifts, the dynamics of diamond buying are changing rapidly in the face of global economic factors.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.