— The diamond industry is in a bit of a tailspin, with the industry reporting a 1.7% drop in revenue last quarter.
That’s less than the 1.9% decline reported in 2016, but still the lowest quarterly revenue for the industry since 2010, according to data from Diamonds International, the world’s largest diamond company.
Diamonds International reported revenue of $8.5 billion in the quarter ended March 31, down from $9.4 billion in 2016.
The company’s earnings were a $1.3 billion loss, according a statement from the company.
“It’s a disappointing quarter for the diamond industry, and it doesn’t look good for the outlook,” said Mark F. Miller, a partner at law firm Miller Thomson & Fitzgerald in Nashville, Tenn.
“We don’t see it as a sustainable market going forward.”
While it’s difficult to forecast future sales, Diamonds’ outlook is bleak for other industries, including metals, construction, agriculture and pharmaceuticals.
The Diamonds decline is especially worrisome for an industry that is struggling to find new markets.
“It has been a great year for the market,” said Michael D. Bekker, a senior vice president at Diamonds &, Fitzgerald.
“But it’s going to be a slow start.”
DARIEN IS THE ONLY DEALING ONCE A NEW YORK CITY BROKER TO PAY FOR THE SOLO DEALER’S GOLD When the world of diamonds finally woke up to the solitaire diamond, its value plummeted by more than a billion dollars.
It was worth about $12.5 million when it was first introduced in 2009.
But by the end of 2015, the value of the diamond had plunged to less than $1 million, according the World Economic Forum.
Its collapse was the first of a wave of losses for the world diamond industry.
Over the past several years, the price of a single diamond has plummeted from $2,300 in 2007 to $750 today.
The industry’s main competitor, the London Gold Exchange, said its market price for a single tonne of gold fell from $3,400 in 2015 to $1,200 today.
This has created an opportunity for the U.S. and other countries to jump into the market.
Gold prices are a key metric for the international diamond industry to measure demand and supply, and the global market has been growing rapidly in recent years, with new mines opening.
In 2016, the global gold market reached $3.2 trillion, up from $1 trillion in 2015.
That represents a $70 billion market share for the global industry, according Topper Research, an investment research firm.
While the global diamond industry has grown by more people than the U:S.
in the past 10 years, it has also been hit by a sharp decline in demand for its precious metal.
China, which accounted for more than 80% of the global supply of diamonds in 2016 according to DiamondsInternational, fell to a record low of less than 10% in 2017.
And in the last two years, global supply has dropped by an estimated 85% as mining companies have abandoned mines in areas with high rates of poverty, according Goldfield Partners, an asset management firm.
A lack of demand for diamonds in Africa, South Asia and Latin America has also driven prices down.
With fewer mines, prices have dropped in Europe, where the demand for gems is growing and there are fewer miners, according Diamonds.
In 2017, diamond miners in Europe’s biggest diamond-producing country, Norway, cut back operations to reduce costs.
For the first time in more than 10 years the price for diamonds fell in Europe last year, Diamond International said.
A record 1.8 billion people in Africa and Latin American countries still lack access to clean water and food, according Global Water.
More than half the world population lives below the poverty line, according Oxfam, and many of those people are living on less than half of the average annual income of $1 per day, according TOOP.
Yet the price has increased dramatically in some parts of the world, according TIP.
One of the fastest growing segments of the market is the luxury market, which accounts for about a third of global diamond sales, according IFPI.
The luxury market is estimated to grow at 15% per year over the next 20 years.
The global diamond market is expected to grow more than 40% by 2020, according Bloomberg.