Post subject: De Beers Slashes Diamond Prices in First Sale of the Year
Posted: Thu Jan 21, 2016 11:33 am
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Joined: Sun Oct 16, 2005 12:22 pm Posts: 21600 Location: San Francisco
Instore Mag wrote:
In an attempt to stimulate demand, De Beers will reduce diamond prices in its first sale of 2016, Bloomberg reports. The article says that prices will be lowered by up to 7 percent as the diamond-producing giant readies to offer about $450 million of diamonds for sale. The sale comes as “slower diamond jewelry sales in China, the top buyer after the U.S., and a credit crunch in the industry has sapped demand. That’s left cutters and traders with excess stockpiles, and forced the biggest producers to cut output and prices.”
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