Rising prices and, above all, buyers' willingness to pay for diamonds are the latest signs of a coming storm of demand. Meanwhile, cutters and polishers, who form the backbone of the global diamond trade, are competing fiercely for the stones.

There are several reasons for the increase: large retailers in the US and China are buying aggressively to keep up with strong sales, while the supply of rough diamonds is scarce. De Beers and its rival Alrosa PJSC have limited offerings on the market.
Diamonds were the big winners of lockdowns around the world, as access to competing luxury offerings was limited. This was initially evident in stronger-than-expected Christmas shopping from Thanksgiving to Chinese New Year and continues to this day.

*De Beers is the world's largest diamond trader, based in London.