The diamond industry was one of the winners as the world economy rebounded from the effects of the pandemic. Consumer demand for diamond jewelry grew last year, while supply remained constrained.
This year, the $80 billion industry saw more turmoil as cutters, polishers and traders hunted for ways to keep buying from Russia — Russian miner Alrosa accounts for about a third of global rough-diamond supply. The sudden shortage of stones sent diamond prices surging, but Alrosa PJSC has revived exports to near pre-war levels.
