Botswana discovers third-largest diamond just as market recovers

By June 18, 2021Uncategorized

Henry Sanderson in London and Joseph Cotterill in Johannesburg JUNE 18 2021

US jewellery sales rebound as the country’s economy gets back on track after Covid-19

The diamond, which was unearthed by Debswana, a joint venture between the government and De Beers, was measured at 1,098 carats — making it the biggest find globally since the Lesedi la Rona stone unearthed in the country in 2015.

Sales of diamond jewellery have rebounded in the US as the country’s economy recovers from the Covid-19 pandemic. That’s pushed up prices for rough diamonds, with prices at a De Beers sales event this week increasing by 5 per cent, according to people familiar with the event.

“The market is incredibly hot,” Anish Aggarwal, a partner at diamond consultancy Gemdax, said. “We’ve seen strong consumer demand. During Covid and the lockdowns we’ve seen consumers shift from experiential consumption towards personal goods and that has helped the diamond market.”

Read more