Demand for diamonds rising: De Beers director

By Pallavi Dubey

Bengaluru: Prices of rough diamonds have risen 5-10% in the past few days, due to supply concerns amid the new Covid variant, Omnicron, spreading in South Africa and Botswana. These two nations have some of the biggest mines of De Beers, the largest diamond miner in the world.

Amit Pithari, director of retail at De Beers, attributes the rise in price to the increase in demand for diamond jewellery. “There has been no impact on price due to the new variant,” he explained, speaking at the launch of De Beers’ second exclusive boutique in Bengaluru, in partnership with Abaran Timeless Jewellery. “The company is taking precautions and guidelines to safeguard against the virus,” he said. Gems and jewellery are India’s second largest export, with diamonds accounting for some 63 percent of this revenue. India cuts and polishes 14 out of 15 diamonds in the world.

The new boutique retails a wide variety of De Beers’ Forevermark diamonds in a wide variety of cuts, designer jewellery and loose stones. Collections available include the Avanti Collection, the Icon collection, the Traditional Setting collection, the stackable ring Tribute collection among others.

Abaran Timeless Jewellery has been associated with De Beers Forevermark for a decade, says Pratap Kamath, MD, Abaran. “The new exclusive boutique has strengthened our partnership. The trust we received through customer engagement with De Beers Forevermark diamonds has encouraged us to open a new store.”

According to Kamath, every diamond is inscribed with a unique identification number, as a “promise that the diamond is responsibly sourced, natural and beautiful. We consider the launch of the boutique to be an important landmark in our relationship and we are sure our association will go a long way in the future.”

The boutique was inaugurated by renowned Bollywood actor Karisma Kapoor.