Diamond prices likely to rise – WFDB officials
MUNICH, Germany, Feb 2011 – Diamond prices look set to rise due to a lack of new rough supplies entering the market, officials of the World Federation of Diamond Bourses (WFDB) said.
Speaking at a news conference at inhorgenta, Ernest Blom, vice-president of the WFDB, said the lack of new diamond mines coming onstream meant that rough diamond supplies would remain tight.
“There will be an upward push on prices,” he said.
“I believe the future of the diamond trade is very rosy.”
Avi Paz, president of the WFDB, spoke of strong demand for diamonds in Asia, notably in China, India, Taiwan and Vietnam, among other countries.
Demand for diamonds had picked up following the global financial crisis. The main U.S. market for diamonds was recovering, WFDB officials said.
They said that they would like to see a generic advertising campaign for diamonds, but ruled out a joint initiative with trade groups representing precious metals.