By Avi Krawitz (Rapaport)
De Beers has restated its estimation of global diamond-jewelry sales following a new study valuing the diamond content in jewelry purchases since the 2008 recession. The group also revised its production data to reflect lower output than previously believed, stemming from an overestimation of the artisanal mining sector.
Global diamond jewelry demand rose 2.4% to $76 billion in 2018, driven by growth in the US and China, De Beers said in its annual Diamond Insight Report published last week. However, that figure was below the $82 billion it had originally reported for 2017, as the company gained new insight relating to the elements that are included when valuing jewelry, De Beers explained.
The company revised its estimation for 2009 to 2018 following studies it conducted with retailers relating to the content of diamond-jewelry purchases and the structure of the trade, as well as its “Diamond Acquisition Study” with consumers. The revised figures reflect mainly the value of sales in the US, and are more consistent with the total jewelry retail value stated by the US Commerce Department, De Beers noted. The government agency last year revised down its estimation of US jewelry retail sales.