29
Jun
Forever to end soon as De Beers set to reduce diamond supply
Forever to end soon as De Beers set to reduce diamond supply
DeBeers is synonyms with diamonds. Diamonds are rare and they are just about to get rarer, as DeBeers has announced that they would cut down on diamond mining. And they should know, considering the fact that the industry hasn’t uncovered any new sources big enough to match the DeBeers’ biggest mines in Africa or even the other big diamond miles in Alrosa, Russia.
Gareth Penny, managing director for DeBeers cites “A natural supply-demand imbalance” and Des Kilalea, analyst at RBC Capital Markets estimates prices of rough diamonds to grow by at least 5 per cent per year for the next five years.
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