De Beers diamond buyers return after biggest price cut in years
JOHANNESBURG – De Beers sold the most diamonds since June after the biggest price cut in years, but sales still remained lower than normal for this time of year as the industry’s cutters and traders struggle to make money.
De Beers sold $390 million of rough diamonds this month compared with $297 million at its previous sale, the Anglo American Plc unit said in a statement on Wednesday. Still, it’s the first time De Beers has sold less than $400 million at its November sight since at least 2016.
The industry is going through something of a crisis as De Beers’s buyers grow increasingly frustrated with the cost of rough diamonds as the price of polished gems slump. That’s led to wafer-thin margins and in some cases losses from the stones bought from De Beers and Russian rival Alrosa PJSC.
Source: iol.co.za