MOSCOW, September 27. /TASS/. The current decline in demand for polished diamonds in the world is due to a market correction, Dmitry Amelkin, head of Alrosa's strategic projects and analytics center, told TASS ahead of the Moscow Financial Forum.

"First, the North American market, which accounts for more than half of sales, was overheated, and now we are observing a correction," he said.

Amelkin added that the decline in global demand for diamonds is also due to worsening consumer sentiment in the United States due to rising inflation and interest rates.

According to the company’s top manager, the "mid-range" diamond segment, which accounts for the bulk of purchases of engagement rings, was mainly affected, while demand in the luxury segment remains stable. He added that the rough and polished diamond market has always been cyclical, but during a crisis, investment demand for polished diamonds usually increases.

About forum

The Moscow Financial Forum will take place on September 28 at the Manezh Central Exhibition Hall. The event is sponsored by the Finance Ministry and the Moscow government.

The main theme of the forum is "In search of a new balance: the Russian financial and economic system during worldwide transformation."