The diamond industry is seeing a spectacular rebound after a decline in 2020 due to the Covid-19 pandemic, when diamond jewelry sales fell by 14% and rough diamond sales by 31%. Throughout 2021, revenue increased 62% in the diamond mining segment, 55% for cutting and polishing and 29% for diamond jewelry retail—all rising above pre-pandemic levels by +13, +16% and +11%, respectively.

“In 2021, the industry had a renewed sense of value, which was acknowledged through partnerships, consolidation, and technology. Now, every player along the value chain must add value—or remove hardship—on the path from mine to market. That said, the diamond market is expected to be strong through the first half of 2022, supporting growth across all segments. Two possible scenarios will then emerge: ‘continued rebound’ and ‘short-term readjustment’” said Pauline Coquet, a senior manager in Bain & Company Middle East’s Consumer Products and Retail practices.

These are among the findings of Bain & Company and the Antwerp World Diamond Centre’s (AWDC) eleventh annual Global Diamond Report 2021-2022.