Diamond industry takes radical steps to stem price decline – Bloomberg ...News

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Diamond industry takes radical steps to stem price decline – Bloomberg
Sales have plunged in 2023, following massive increases during the Covid-19 pandemic The world’s biggest diamond companies have made a series of increasingly desperate moves in an effort to stop this year’s freefall in prices, Bloomberg reported on Saturday. In 2023, prices for wholesale polished diamonds have dropped by around 20%, while uncut stones have seen a decline of around 35%. South African diamond giant De Beers, at a sale in Botswana last month, reportedly nixed the usual obligations for buyers to make all of their contracted purchases at prices set by De Beers and removed any potential penalties. The c

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