Polished diamond prices declined sharply in September, eroding all the gains made during the year. The Mercury Diamond Global Tracker™ averaged 111.74 in September 2018, down 1.85% over August. This is the deepest monthly price decline since May 2015, when prices plunged more than 4%. Polished diamond trade was very limited during the month due to a series of Jewish and Hindu holidays.
We have written about the Jonker diamond and some of its history a number of times. Yet parts of the story of this diamond were virtually never discussed. The 726-carat Jonker Diamond was reportedly found in South Africa on January 17, 1934 by Johannes Jacobus Jonker. One of the biggest rough diamonds ever discovered, it was originally sold for £75,000.
Demand for polished diamonds in September softened overall. A combination of holidays and a trade show in Hong Kong, a city that was hit by massive typhoons, slowed down activity in the market. With a cyclical decline in retail activity among jewelry retailers, the good demand seen in August has declined too.
In the modern diamond industry, there are several functions that go beyond diamond exploration, mining, polishing, wholesaling and retailing. Among them are financing, grading and marketing. Two additional areas in the industry are rough brokering and trade press coverage. The first, brokers, serve an interesting role. Rough diamond brokers have historically served as go-betweens between diamond mining giant De Beers and its select group of clients.
Perhaps less known than other great jewelry designers with a strong business and entrepreneurial talent, Victor Mayer should none the less be recognized for the great contributions he brought to the European jewelry market in the early 20th century.