A Dimmer Diwali?
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Saturday,October 05 2019 [ Issue 1 October/ 2019 ]
A Dimmer Diwali?
According to the latest announcement from De Beers, Diamond sales have plunged 39%. In the past three sales in the 10 sales held in Botswana every year, De Beers made less than $300 million, which is unprecedented in data going back to 2016. This worrying concern has been growing amongst the diamond industry, causing widespread panic about the future of the industry.

However, De Beers has tried to placate sightholders by relaxing the terms of prices and quantities offered to them. They have also been given the option of resell the rough quantities back to the mining group. This may be favourable as it decreases the pressure on these sightholders and gives them more room to maneuver. Many analysts even predict that sales will drop to 40% by the end of this year.

As the Indian festival of Diwali approaches, the sentiment in the market is typically quiet and this year is no exception. The tightening of line of credit and by banks coupled with currency fluctuations in India have added to the industry’s woes.

 
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