A new mantra has surfaced in the City: “The worst is over for the diamond industry and a solid recovery is on the cards for 2021.” Just a cursory glance at the market provides evidence of better things to come. London-listed Gem Diamonds has been feted after firing up confidence with a shiny set of figures for the September quarter. It moved into a net cash position after cutting debt by close to $7 million off the back of higher prices.