Black diamonds keep their heads above credit flood
Despite the tightening economic climate, the emerging black market remains largely creditworthy, although about one in 10 members are showing strain in their aspirations to own homes, cars and household goods, according to a study of the so-called black diamonds.
TNS Research Surveys, which has done extensive research over the last three years – each time on a different group of 1 500 upwardly mobile black South Africans – says there is evidence that about 10 percent of black diamonds have found themselves in legal trouble over debt.
The most recent studies were completed in May.
Researchers Neil Higgs and Rudo Mapongo say that about 2.6 million black diamonds make up about 10 percent of South Africa’s black population, excluding coloured people and Asians.
These people earn about R6 456 a month – higher than the average white income of R6 000 and nearly six times the average black person’s income of R1 100.
Those living in Gauteng earn an average of just more than R7 000 a month.
Male black diamonds take home about R7 159 a month against their female counterparts’ average of R5 745.
Black diamonds’ buying power is estimated to be about R180 billion a year, compared to white people’s purchasing power of about R240 billion.
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