Suffice it to say that we disagree with the content of the Rapaport article. From a De Beers perspective, alongside the price adjustments we’ve made this year, we’ve taken a range of decisive action to help address the inventory indigestion issue in the midstream (which has been at the heart of the recent challenges) and to support demand pull-through. These actions include substantial additional supply flexibility for our customers, as well as a major additional Q4 marketing investment in the US and China, the world’s two leading diamond Jewellery markets. We will continue to take the appropriate actions to help support a sustainable recovery in the industry, rather than adopting short-term, knee-jerk reactions that would at best provide only temporary relief.
- De Beers spokesperson Lynette Gould, from interview with Rough & Polished