Understanding supply in the diamond industry requires a broader perspective than production alone. It is essential to consider the entire supply chain, recognizing that inventory decisions at various stages influence the final supply available to the downstream, particularly in the shorter term.
Diamond supply is predominately made up of newly mined stones, referred to as the primary supply. Some secondary supply comes from existing stones reentering the value chain through diamond recycling.
Primary supply is determined by the underlying resource attributes and lifespan of the key diamond-producing mining deposits. It is also affected by mining companies’ decisions about extending the lifespan of mines and investing in new (Greenfield) or existing (brownfield) projects, as well as in new technologies that improve mining efficiency.
Secondary supply is from pre-owned polished diamonds, often referred to as “recycled diamonds.” While the majority of recycled jewelry pieces are resold intact, in some cases set diamonds can be removed and re-enter the diamond value chain, to be sold as new in freshly crafted jewelry.
In this case, diamonds are used either in their original state or after being repolished or recut. These augment the natural polished diamond supply but represent a small percentage of the total supply.
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