Miners press ahead with policy of supply flexibility.
As the industry gathered in Hong Kong for the Jewellery & Gem World (JWG) show this week, important talks about the diamond industry’s difficulties were happening elsewhere. Executives from Alrosa, which continues to sell rough despite being cut off from much of the market, met with customers and other trade members in India and Dubai over the past few days to explain how they viewed the current challenges, insiders told Rapaport News this week.
Their message: The miner is in no rush to reduce rough prices. Instead, the policy of not flooding the market — a likely consequence of price reductions — will continue, according to the sources. Buyers will be able to choose whether to make purchases.
It’s unclear how long this policy will remain, as this largely depends on whether the crisis persists. One senior manufacturing executive said the message was the miner would maintain higher prices for “one or two years.” Others said it was likely only until the end of this year.
For the rest of this article: https://rapaport.com/news/firm-prices-at-de-beers-and-alrosa-likely-here-to-stay/