Major Miners Price Cuts Spur Diamond Trade

Rough Market
01/09/2020 06:46

After major miners De Beers and Alrosa announced price cuts, Bloomberg reports that the combined sales of their recent long-term client sales amounted to US$500 million, in stark contrast with the near-zero sales of the past six months, as the pandemic broke out and both companies decided to maintain pricing but maximize flexibility to their clients to defer contract purchases. During the pandemic, a number of smaller miners successfully sold goods via tenders, but demand was at an all time low as India, the world's largest diamond manufacturing hub was struggling to get control over the COVID-19 virus in Mumbai and Surat. With markets gradually reopening, there are some positive signals of retail demand recovery, especially in Asia, mainland China.