Russian Rich Kids, and Diamonds Too

KOLKATA: Diamond miners such as De Beers, Alrosa and some others have restricted supply and reduced prices of rough diamonds by 7 per cent-8 per cent in the last fortnight, bringing relief to the Indian diamond trade that is starved of international orders.With major exporting markets facing the heat of a global meltdown, diamond trade has identified the US and India as the big markets for diamond offtake.

GAHCHO KUÉ, N.W.T. — Seen from inside an approaching aircraft, the Gahcho Kué diamond mine seems to materialize out of nowhere, a speck of industrial development amid an endless stretch of low vegetation and tiny lakes imprinted on the northern Canadian rock face. Here, there are no natural points of reference. The view looking out from one side of the mine is nearly indistinguishable from any other.

Thanksgiving Day in 2014 will remain in the history books for one key event: that is the day when OPEC effective collapsed, after Saudi Arabia refused to comply with demands by other OPEC members to cut oil production, unleashing the biggest ever drop in the price of oil, ultimately surpassing even that seen after the great financial crisis in duration and severity.

A young couple passes an elderly one on a walking path, as an acoustic guitar plays the melody to “Stand By Me.” The younger woman turns around and smiles. Her fiancé closes his hand around hers, which sparkles with a whopping diamond ring. They look at each other and smile again. “There are two things in the world that last longer than time,” says a voiceover. “Love is one of them. A diamond is forever.”

Anglo American has serious problems right now, and the company's diamond business isn't helping. The miner, which owns 85% of De Beers — probably the most famous diamond company on the planet — just released its third quarter production report, things don't look good.

It is the season of festivals and weddings, and consequently , jewellery shopping. While gold remains a favourite investment-cum-consumption option, in recent years, many have opted for diamonds over the yellow metal. The Diamond Insight Report 2015 released recently by DeBeers ranks Indians amongst the top buyers of the precious stone in the world. "Driven by a widening consumer base, economic development and increasing volumes, India's diamond consumer market is now one of the world's largest," it says. And demand is only growing.

MUMBAI: De Beers, the world's largest diamond miner, sees the industry's biggest opportunity in India, with its burgeoning economy and emerging middle class. "Already one of the world's largest markets for diamond jewellery, the growth of the middle class in India over the next decade is set to make a major contribution to growing diamond demand," according to De Beers Group of Companies' Diamond Insight Report 2015. The diamond industry fundamentals support the long-term confidence in the sector as India presents further growth opportunity, it said.