Raw materials. Rivers of diamonds on the Riviera. After rewinding its 2020 edition, the Cannes Film Festival is rolling out its red carpet again from July 6 to 17. An ideal setting for luxury labels, highlighted in a skilfully orchestrated parade of movie stars and muses. The screens light up and the cases open. Jewelry shines in the spotlight.
The timing is right. After the shock of the coronavirus, the buyer fever is rampant. The conclusion is clear. During this health crisis, good fortune smiled on the richest. However, travel has not yet regained its cruising speed. In the meantime, money goes to silver, but also to gold and precious stones. The diamond regains its brilliance. DeBeers thus sold $ 1.6 billion (1.3 billion euros) of rough stones in its first three sales of 2021, a result close to that of 2018.
Two exceptional stones were quarried in Bostwana
Nothing comparable, just a year ago. The diamond situation was diametrically opposed. In India as in Antwerp, tailors and polishers had taken a break. With containment, the postponement of weddings, the muted holidays, sales of gemstones have plummeted. Taken on the wrong foot, DeBeers, a subsidiary of the Anglo American mining group, and its Russian competitor Alrosa, helplessly witnessed the appearance of a mountain of stocks. In September 2020, DeBeers was even forced to cut its prices, to sell its precious merchandise. The diamond on the ground! The French luxury group LVMH took the opportunity to obtain a rebate of $ 425 million, to be deducted from the staggering check of $ 15.7 billion, signed to afford the New York jeweler Tiffany.
At the end of 2020, the clouds accumulated over the luxury sector gradually faded. From Thanksgiving to Chinese New Year, customers have returned to the shops. And since early 2021, DeBeers has gradually readjusted its prices upwards. The pressure is mounting among tailors and polishers, asked to engage the overdrive, to keep pace with the shopping. Can we evoke a risk of shortage of sparkling diamonds in the window?
May the most anxious be reassured. In quick succession, two exceptional stones were quarried in Bostwana. On June 16, DeBeers announced the discovery of a 1,098-carat “pebble”, the third largest diamond ever found in the world. He did not shine for long in this coveted place. She was delighted by a rival 1,174-carat stone, unveiled on July 7 by the Canadian company Lucara. It ranks behind Sewelô, a rough diamond of 1,758 carats, owned by Louis Vuitton. For the moment, the Cullinan discovered in 1905 in South Africa, and of which the British Crown has great fractions, is not dethroned. With its 3,106 carats, it always prances at the head of the brilliant parade. And the money keeps flowing to the rivers of diamonds …