HOUSE OF THE WEEKmore
Diamond prices climb, say traders
(Volume 26, No. 509)
DIAMOND prices are rising, thanks to a scarcity of raw diamonds in Africa, Myanmar diamond traders are saying.
Diamond Shwe Kyi, owner of Sham diamond shop, said the diamond markets in India and China were also up.
“Africa exports uncut diamonds to the rest of the world, but now there are so many companies that polish uncut diamonds. That’s why uncut diamonds are becoming scarce and the price is rising. Another thing is that people in India and China are more interested in buying diamonds than gold,” he said.
Aunty San, the owner of Win and San diamond shop, said the price of perfect diamonds had increased by 15 percent compared with June last year.
“At that time, 1 carat of perfect diamond cost K3.9 million, but is now K4.5 million. Demand is also up compared with this time last year. In January last year, I was selling two diamonds a day, but now I am selling five. Still, before the recession I was selling more than seven pieces of diamond jewellery a day,” she said.
She added that diamond shops in Myanmar have trouble buying the quality and size of diamonds they want.
“Now it is very difficult to get the diamonds we want in the right size and quality. If we order 10 carats of perfect diamonds, we receive only 3 carats, because high-quality diamonds are becoming scarce even in their country of origin,” Aunty San said.
In Myanmar most diamond shops still have some diamonds to sell left over from previous orders and they still can control the price.