OREANDA-NEWS  The global diamond market may face a significant growing deficit in the 2030s, this opinion was expressed by Alexey Moiseev, Deputy Minister of Finance of the Russian Federation.

"In 5 years, or certainly by 2032, the volume of diamonds on the world market will fall by 3 or 4 times. And since the period between investment and output is very long, it may only be by the end of the 2030s or early 2040s that production will be able to resume. Therefore, we will soon enter a situation of increasing severe shortages in this market," he said in an interview with RT.

According to Moiseev, this is due to the long investment cycle in the industry.

"It takes plus or minus 10 years from the moment of exploration of a diamond deposit to the start of normal production. That is, now we need to invest billions in order to start selling in 10 years. It is necessary to understand very clearly what will happen. But today, by and large, no one in the world invests in new facilities anywhere. There are a lot of explored diamonds, but they all lie in the ground, and almost nothing happens to them," he said.

The Deputy Minister noted that the global diamond market is currently in a structural and economic crisis - there is a certain overproduction and a decline in demand for crystals.