By Alex Letourneau
Stornoway Diamond Corp. (TSX:SWY) says that they expect diamond demand to grow significantly over the next 20 years with the market shifting away from the United States and moving more towards China and India.
The baby boomers of China and India are entering the age brackets, which by experience from more developed markets, are the peak years for luxury goods purchases…720 million potential consumers will be aged between 45 and 64 in China and India, the company says.
Stornoway is currently developing the first diamond mine in Quebec, under the umbrella of the province’s $80 billion Plan Nord mining project, and believes by the time production begins in 2015, they will be in the middle of significant diamond market growth.
“The next ten years will be the most important for us,” says Matthew Manson, president and chief executive officer of Stornoway.
“We believe we have the asset and will be positioned nicely by the time the market expands.” Stornoway is a Canadian-based diamond exploration and development company.
By Alex Létourneau of Kitco News aletourneau@kitco.com
