De Beers Slashes Output Amid Diamond Glut
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Author:  Barbra Voltaire, FGG [ Fri Nov 01, 2019 2:41 pm ]
Post subject:  De Beers Slashes Output Amid Diamond Glut

RAPAPORT... De Beers’ production dropped in the third quarter as the miner responded to a decline in rough demand that has left it with an inflated stockpile of diamonds.

Output fell 14% to 7.4 million carats for the period amid planned mine closures and the transition from open-pit to underground mining at its Venetia project in South Africa, parent company Anglo American said Tuesday.

“We continue to produce to weaker market demand due to macroeconomic uncertainty as well as continued midstream weakness,” the miner noted. “Diamond inventory has continued to build during the third quarter due to the subdued market conditions. The elevated inventory levels are not expected to unwind until 2020.”

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