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.