Donald Trump’s election victory coupled with Republican control of Congress is expected to support increased demand for diamonds and jewellery, a leading diamond maverick has claimed.
Martin Rapaport, chairman of the diamond group Rapaport, whose Rapaport Price List is a primary source of diamond price and market information, predicts that the result of the US election will improve local economic conditions which will in turn benefit the jewellery industry.
The group said that lower taxes, higher employment and the end of Obamacare will increase disposal income and encourage investment in local businesses, fueling “domestic economic growth”, which in turn is set to boost the global market place.
He said that Trumpism will have a major impact on the US and global economy.
“The diamond and jewelry trade will benefit as the new policies create a more prosperous middle class and greater numbers of wealthy consumers. Global uncertainty will also increase demand for investment diamonds as a store of wealth,” said Mr Rapaport.
The Rapaport Group is an international network of companies providing added value services that support the development of fair, transparent, competitive and efficient diamond and jewellery markets.
The Group supports over 20,000 clients in over 120 countries and has offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai and Hong Kong.