Israeli Diamond Industry Heads: Cut Back Rough Supply to Mkt

Market Analysis
17/06/2015 07:47

The large diamond producers can bring stability to the diamond market and restore profitability to the industry's midstream by cutting back volumes of rough sales, said Israel Diamond Exchange President Shmuel Schnitzer, and Israel Diamond Manufacturers Association President Jacob Korn, for by indirectly reducing supplies.
"Reducing rough diamond prices is not the solution to the lack of profitability in the industry's midstream because it will hurt market confidence," Schnitzer said at the end of the 2015 Presidents Meeting in Tel Aviv. "In the short term, we need less rough from producers so that the market can correct itself. However, I'm not sure that the miners can afford to maintain this solution long-term."