Diamond Trade Is Roaring Back Thanks to Stuck-at-Home Shoppers
- Indian cutters and polishers being headhunted as demand surges
- De Beers poised for biggest rough-diamond sale in three years
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The global diamond trade spent years in the doldrums, only to be crippled by the pandemic just as things started looking up. Now, at last, business is booming again.
Factories in the industry’s “engine room” -- the Indian city of Surat -- are so desperate to boost production that the most-skilled cutters and polishers are being headhunted with offers of 50% pay hikes and perks like free food and housing. Miner De Beers is poised for its biggest rough-diamond sale in three years, even after raising prices, and rival Alrosa PJSC said this week it expects the recovery will keep going for some time.