24 Jun 2019
DiamondWorld Directory
Home |
News
Home
De Beers is said to have reduced prices of low-quality diamonds
The company sells rough diamonds through 10 sales a year to select group of customers.
By: Diamond World News Service
|
Nov 14 2018 6:13PM
|
Reference: 16800  

DecreaseIncrease

De Beers is said to have reduced prices for low-quality diamonds, according to the people familiar with the situation, reported Bloomberg.

It’s the latest sign that the bottom end of the market is in turmoil, reported Bloomberg. The business of low-quality diamonds is said to be suffering from oversupply in the market. Cheaper diamonds, which are often small and low quality, are selling for a lot less now than five years ago, reported mining.com.

De Beers sells rough diamonds to trade buyers who cut, polish and manufacture them into the polished stones sold in jewellery stores.

Major cutting centers, such as Surat in India, have been squeezed by lower profit margins and the depreciation of the rupee. Besides, the Indian diamond industry is already facing problem due to reduced bank exposure which is hurting the business.  

De Beers sells rough diamonds through 10 sales a year to select group of customers. The buyers are expected to specify the number and type of diamonds they want, and then carry out the purchases at a price set by De Beers. The company which is known to control the diamond market. The buyers are supposed to buy whatever is offered for sale. However, in September the company surprised the buyers by allowing its customers to refuse to buy some lower-quality stones.

Signet Jewelers fell more than 3 per cent and Tiffany & Co. fell more than 1 per cent recently as De Beers reduced its low-end diamond prices by up to 10 percent, according to Bloomberg.

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Advertisement
M. Suresh234x60
Search News by City
Advertisement
Kosher 23460
Advertisement
HouseAd_Trade Fair
Recent Issue
2019
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
Spotted: Who Wore What (August 2018)
Pictures: 4
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 14254
GJEPC Chairman Interview
Views: 13165
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 20036
Promo for IJ Awards 2012 at NDTV Profit
Views: 32657
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 35815
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 10679
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 34110
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 32171
Advertisement
KGK_Antwepr
Advertisement
Big Sub-IJ/DW
Member of:
Supporter of: