CNN Believes Now Is The Time To Score A Diamond

Finance and Trade
02/09/2015 20:21

CNN reports that the stock market crash in China, the world's second largest diamond market accounting for 16% of global demand, is the final blow to an industry that was already in dire shape. Chinese consumers are expected to buy less diamonds, while demand in Russia and the Middle East is slow, due to a weak ruble and falling oil prices, causing the diamond pipeline to be clogged with inventory. Traders and manufacturers are struggling for survival, a situation RBC mining analyst Des Kilalea believes could last well into 2016. CNN further reports rough diamond prices have fallen about 20% since the middle of 2014, and the price for wholesale polished diamonds is also down 15%, concluding this might be the perfect time to push for a bargain.