Why does the world’s biggest diamond go for $4,000?
Posted June 02, 2019 06:03:15As part of a major expansion of the world diamond market, China’s State-owned Chinese Diamond Corporation has announced it is expanding its reach into the Australian market, with its first major diamond ring announced today, the Sydney Morning Herald reports.
The diamond ring will be a limited edition 10-carat “shining-star” ring that is the first of its kind in the world, which is set to be available at retailers worldwide.
The new ring is priced at $4.25 million and will be the highest price ever for an Australian diamond, making it the world record-holder for the highest diamond price ever.
It will be offered at a special Sydney Diamond Club event at The Regent Park on Sunday, June 6, with a total of 50,000 people expected to attend.
Diamonds in the Australian industry have been hit by a lack of interest and the diamond market in Australia has been under pressure over the past few years, as prices for diamonds have risen sharply, driven by a number of factors including the Chinese market.
While the global diamond market has seen a gradual return to growth over the last few years as the market becomes more attractive, many have questioned the continued demand of diamonds in Australia, as demand is being driven by China and the United States.
The announcement is the latest in a series of major initiatives China has taken to diversify the diamond industry, including an expansion of its supply chain, a push for environmental sustainability and a new “gold standard” that aims to cut down on carbon emissions.
Topics:jewellery,business-economics-and-finance,technology,industry,prices,government-and_politics,economics_and_finance_and-the-federal_government,government_and/oratory,australiaFirst posted June 02.2019 18:59:21