London: De Beers sold the most diamonds since June after the biggest price cut in years, but sales still remained lower than normal for this time of year as the industry’s cutters and traders struggle to make money.
De Beers sold US$390mil of rough diamonds this month compared with US$297mil at its previous sale, the Anglo American Plc unit said in a statement.
Still, it’s the first time De Beers has sold less than US$400mil at its November sight since at least 2016.The industry is going through something of a crisis as De Beers’s buyers grow increasingly frustrated with the cost of rough diamonds as the price of polished gems slump.
That’s led to wafer-thin margins and in some cases losses from the stones bought from De Beers and Russian rival Alrosa PJSC.
Limited time offer:
Just RM5 per month.
