Diamonds are starting to sparkle again, says Rachel Millard in The Daily Telegraph. The sector has been hit hard by Covid-19. The value of diamond imports to India, where the vast majority are cut and polished, collapsed from $1.5bn in February to just $1m in April. Yet prices have since recovered and the polishers are busier than ever. Diamond sellers have a Christmas sales surge to thank, say Thomas Biesheuvel and Yuliya Fedorinova on Bloomberg.
The industry had been in “the doldrums” for five years as wealthy shoppers splurged on luxury travel. Yet the virus has knocked out that competition. Still, some fear that the re-opening of the leisure industry later this year could mean the recovery proves a flash in the pan. Annual diamond jewellery sales are worth $80bn worldwide.
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