Struggling Buyers Cajoled
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Saturday,March 07 2020 [ Issue 1 March/ 2020 ]
Struggling Buyers Cajoled
2019 was a tough year. Diamond manufacturers were getting squeezed out between liquidity issues and declining polished prices. This year also is not off to a good start, with coronavirus and the shadow it’s casting on the entire diamond value chain.

So, De Beers decided last week to make things easier on the struggling sightholders. The mining company has decided to categorise its buyers as dealers, manufacturers and integrated retailers. Henceforth, goods will be sold to each of these categories based on their business needs.

This move will also prevent hoarding of goods which was the problem last year, where in many buyers bought goods but the demand was meek. As demand in China and Hong Kong is dwindling, De Beers also saved the day, by allowing the buyers refuse diamonds that are popular in these regions. On the other hand, the deadly virus has caused the rough sales of the mining company to drop by 28 per cent to $355m.

 
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