De Beers, which owns diamond mines in Botswana, South Africa, Namibia and Canada, has not disclosed its production forecasts beyond 2022, but Mr. Lussier said he was not worried about future supplies. “Technology is enabling us to access reserves we wouldn’t have been able to before,” he said.
“The key, of course, is demand,” he said. “It’s easy in the Covid world to get depressed. But if you look in the medium term, there are significant opportunities for demand to grow, particularly in China. There are even opportunities in mature markets like America, where self purchase is not fully tapped.”
“With the right marketing programs in place and brands working hand in hand,” Mr. Lussier added, “we’ll grow markets and where supply is relatively static, we’ll see increases in price. That’s a good thing for everyone in this industry. Then you’re willing to invest in new resources and exploration that keeps sustaining the supply of naturals out in the distance.”
The Natural Diamond Council, an industry organization that promotes mined diamond jewelry to both consumers and the trade, is investing millions of dollars to bring some of those marketing programs to life.
In September, the council, formerly known as the Diamond Producers Association, unveiled an advertising campaign with the tagline “For moments like no other.” Centered on a TV commercial and social media video featuring the Cuban actress Ana de Armas — who, coincidentally, stars as Marilyn Monroe in the forthcoming film “Blonde” — the campaign “is about the celebration of diamond jewelry in many relationships, whether it be with her friends, her mother or a romantic relationship,” said David Kellie, the council’s chief executive.