‘De Beers’s diamond sales this year slumped by almost $1.4 billion, capping a torrid 12 months.The Anglo American Plc unit sold $425 million this month at its last sale of the year. That brought its total to just $4 billion in 2019.There has been little good news this year. An oversupply of rough diamonds, a surfeit of polished stones and falling prices have piled pressure on the companies that mine diamonds, as well as the lower-profile businesses that cut, polish and trade them.The diamond midstream, the industry’s link between African mines and jewelry stores in New York, London and Hong Kong, is being squeezed like rarely before. With too much supply and banks tightening their financing, many traders are unprofitable. They’ve also been left holding a lot of inventory that’s falling in value and taking longer to clear than many expected.’
Originally reported by Bloomberg (via).