Gem Diamonds sees diamond prices recovering

News

Gem Diamonds is beginning to see diamond prices recovering from the low levels recorded in the last two months.
Company chief executive Clifford Elphick said in a video posted on their website Wednesday that he is anticipating higher diamond demand and prices next year.
He said 2019 was a difficult year for the industry globally.
The industry had been experiencing an oversupply of polished diamonds that have led to sharp price drops for rough stones. 
Elphick also said that synthetic diamonds were complementary to real diamonds.
“Many people find diamonds to be too expensive, but synthetic diamonds are an easier and cheaper way to get into the diamond consumption world,” he said. 
The company was working on a technology that will demonstrate how diamonds could be seen through kimberlite rather than process kimberlite that did not contain diamonds, said Elphick.
This will likely be released in 2020 if successful.
“Our quest has been to find a way to see diamonds in the rock,” said Elphick.
“We have been at it for six years and we have evaluated many technologies and we settled on one, which, according to lab testing, showed promise.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished