Diamond Sales Slowly Restart After Efforts to Halt Price Crash – by Thomas Biesheuvel (Bloomberg News – December 18, 2023)


(Bloomberg) — The world’s two biggest diamond miners are selling stones again after the industry all but halted supplies in a desperate attempt to stop a collapse in prices.

This year’s rout that was driven by swelling inventories forced the sector to take radical steps to support the market. Russia’s Alrosa PJSC in September halted all sales for two months, and was followed by buyers in India — the dominant cutting and trading center — voluntarily banning imports. De Beers allowed its customers to refuse all gems they’re contracted to buy.

There are now signs that the market is starting to pick up. Alrosa began selling rough diamonds again at the end of November, offloading more than $100 million, according to people familiar with the matter.

De Beers, which held its last sale of the year at the start of December, sold a similar amount, said the people, who asked not to be identified as the details are private.

For the rest of this article: https://www.bnnbloomberg.ca/diamond-sales-slowly-restart-after-efforts-to-halt-price-crash-1.2013138