look news india
Surat: De-Beers, the world’s largest diamond producer, has been forced to announce a historic cut of 10 to 15 per cent in rough diamond prices due to falling demand in China and the West and steadily rising demand for natural-like diamonds. But cheap labgrown diamonds. Industry sources said the company, which sells rough diamonds through 10 auctions a year, usually remains silent about the price cut but due to poor market conditions, is planning to cut the price in 2024 to attract more buyers. A price cut has been announced in the last auction.
The world’s renowned diamond mining company D-Beers has raised a ray of hope for the diamond industry which is facing a terrible recession.
The diamond industries of Surat and Mumbai, known as diamond hubs, are feeling relieved as the price of rough diamonds has been reduced by 10 to 15 percent by D-Beers Company. The diamond industry has described the decision of D-Beers company to reduce prices by an average of 10 to 15 percent as a historic reduction. The reason behind this is that even during the recession in the company’s history till now, it has adopted the policy of reducing its customers instead of reducing the prices of rough diamonds, but for the first time the company has changed its policy.
On the other hand, after the decision of a renowned company like D-Beers to cut prices, the pressure on other mining companies and suppliers in the international market to reduce prices will also increase. It is worth noting that till now the prices of rough diamonds were sky high and when the ready diamonds were sent to the market for sale, the prices would fall flat. Therefore, after purchasing and processing the rough diamonds, the marketer was losing money. But following the decision by D-Bear to cut the price, the profit margin will be maintained.
The Diamond Index, based on the prices of various manufacturers starting from the year 2022, is currently at a record low, with the Diamond Index seeing a continuous decline after 2022.