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Diamonds are back, right?

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.

Diamonds are back, right? Diamonds are back, right? Diamonds are back, right? Diamonds are back, right? Diamonds are back, right?

Across the pond, French group LVMH agreed to go ahead with its acquisition of Tiffany at only a slightly lower purchase price (2.