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Cheaper diamonds bring life into the hidden world of gem trading

After refusing to budge on diamond prices during much of the pandemic, De Beers and Alrosa PJSC cut prices by 10%

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The fortunes of the diamond industry ultimately will be decided by retail demand, and so far that’s been patchy.

3 min read Last Updated : Aug 31 2020 | 12:26 AM IST

For the past six months, the global diamond hubs in Antwerp, Belgium, and Mumbai have been at a standstill, with cutting and polishing factories closed and trading floors shuttered. Now, a capitulation on prices by the biggest miners is sparking the industry back to life.

After refusing to budge on diamond prices during much of the pandemic, De Beers and Russian rival Alrosa PJSC decided last week they saw enough signs of recovering demand and seized the opportunity, cutting some prices by almost 10 per cent. The impact was instant, as rough diamond buyers snapped up about half a billion

Topics : Diamonds Diamond industry Diamond processing industry Belgium Mumbai De Beers

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