Coronavirus has brought the rapidly growing synthetic diamond market to a halt, because no one really wants a new ring in the middle of a pandemic
In recent years, consumer preference for diamonds has shifted from mined stones to lab-created ones, as they offer better value and are more aligned with a younger generation's environmental morals.
India temporarily halted all imports during the pandemic, meaning it was unable to receive any goods to cut or polish, clipping the supply chain and lively halving diamond exports by 50% this year. India's import moratorium — a temporary restriction on inflow of goods — beginning March onwards meant no rough diamonds were entering the country. For that reason, the country's polished diamond exports were down 50% year-on-year and gold jewellery exports were down 80%.
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