Diamond prices to go up by 16%
A growing demand by consumers for polished diamonds has made the rough diamond prices go up by 16% since the beginning of the year.
The Diamond Trading Company (DTC) formerley DeBeers, made an announcement about the annual price rise on Thursday, however it did not announce any price increase for its current August sighting. The DTC announces changes in price at every diamond sight, where diamond traders gather and buy ‘boxes’ of rough directly from the company every six weeks or so.
The strong demand for high-end polished diamonds has ensured that more sight holders, who buy either from De Beers or the DTC, have had to bear the brunt of ‘‘regular” price hikes.
Diamonds with a higher quality and carat, i.e. above SI clarity and 1 carat plus, are highly sought after. These stones command a premium especially in the US and UK markets. The DTC price prices in 2008 have resulted in a 13% price increase from the start of the year.
DiamondGeezer.com also draw UK customers attention to the new strength of US$ currency, which sees the British Pound dropping against the dollar. Diamonds are traded internationally in US dollars which means the increased cost of the dollar when bought with British pounds, will compound prices rise.
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Tags: Boxes, British Pound, British Pounds, Brunt, Carat, Clarity, Consumers, Currency, De Beers, Debeers, Diamond Prices, Diamond Traders, Diamond Trading, Diamonds, Price Hikes, Rough Diamond, Six Weeks, Uk Customers, Uk Markets
