This year, the crisis has spread to engulf the world’s diamond miners as well. Even De Beers, which dictates prices to its select group of clients, has been getting squeezed as struggling customers refuse to buy. Last week, the iconic miner finally capitulated, lowering prices across the board, which helped to increase sales at its latest offering in Botswana.
At the center of the pain are the middlemen who cut, polish and trade the world’s diamonds. Their profits evaporated as polished stones lost value, banks tightened financing, and top producer De Beers held firm with prices it demands for the rough diamonds it digs up. Read more…
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