https://en.sputniknews.africa/20241225/de-beers-reportedly-unable-to-sell-2-billion-worth-of-diamonds-from-its-inventory-due-to-low-demand-1069885077.html
De Beers Reportedly Unable to Sell $2 Bln Worth of Diamonds From Its Inventory Due to Low Demand
De Beers Reportedly Unable to Sell $2 Bln Worth of Diamonds From Its Inventory Due to Low Demand
Sputnik Africa
In March, De Beers, the world's largest diamond miner by value, announced that it had sold $430 million worth of rough diamonds in the six weeks to March 12... 25.12.2024, Sputnik Africa
2024-12-25T16:39+0100
2024-12-25T16:39+0100
2024-12-25T16:49+0100
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British-South African multinational diamond mining corporation De Beers is unable to sell off $2 billion worth of diamonds from its inventory due to low demand, according to British media.According to the report, the giant diamond miner has accumulated its largest stockpile of the precious stones since the 2008 financial crisis.In particular, the drop in demand is due to a reduction in orders from China, one of the world's largest diamond-importing nations, and the intensifying competition from lab-grown alternatives.In addition, a drop in the number of weddings during the recent COVID-19 pandemic lockdowns has also contributed to the drop in the British-South African company's sales.De Beers has already cut diamond production at its mines by about 20 percent from last year's levels and lowered prices for its goods.
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diamonds, minerals, mining, trade, economy, finance, international, united kingdom (uk), south africa
diamonds, minerals, mining, trade, economy, finance, international, united kingdom (uk), south africa
De Beers Reportedly Unable to Sell $2 Bln Worth of Diamonds From Its Inventory Due to Low Demand
16:39 25.12.2024 (Updated: 16:49 25.12.2024) Muhammad Nooh Osman
Writer/Editor
In March, De Beers, the world's largest diamond miner by value, announced that it had sold $430 million worth of rough diamonds in the six weeks to March 12. This was up from the first sales cycle of the year, but still down from previous periods. De Beers CEO Al Cook attributed the decline to economic uncertainty in the US and a slowdown in China.
British-South African multinational diamond mining corporation De Beers is unable to sell off $2 billion worth of diamonds from its inventory due to low demand, according to British media.
According to the report, the
giant diamond miner has accumulated its largest stockpile of the precious stones since the 2008 financial crisis.
In particular, the drop in demand is due to a reduction in orders from China, one of the world's largest diamond-importing nations, and the intensifying competition from lab-grown
alternatives.
In addition, a drop in the number of weddings during the recent COVID-19 pandemic lockdowns has also contributed to the drop in the British-South African company's sales.
De Beers has already cut diamond production at its mines by about 20 percent from last year's levels and lowered prices for its goods.
