|New Covid Variant Forces Rough Prices Up
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|Author:||Barbra Voltaire, FGG [ Fri Dec 03, 2021 9:37 pm ]|
|Post subject:||New Covid Variant Forces Rough Prices Up|
November 29, 21 by John Jeffay for IDEX wrote:
(IDEX Online) - Prices of rough diamonds have surged by as much as 10 per cent in recent days as Omicron, the new COVID-19 strain, grips Botswana and South Africa, home to some of De Beers' biggest mines.
Manufacturers in India are reportedly holding back their stock, because of concerns about the prices they'll have to pay for new rough supplies. Polished prices are so far unaffected.
"The supply side is under pressure," Vipul Shah, vice-chairman of the GJEPC (Gem &Jewellery Export Promotion Council) told The Economic Times, in India.
"The situation was getting normalised, but now this new variant of COVID-19 has surfaced in South Africa and Botswana. It will put a further pressure on the supply side."
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