Diamonds Are Discounted: Biggest Producers Lower Prices For First Time Since Pandemic - ResearchAndMarkets.com

The two biggest diamond producers have lowered prices in an attempt to spur demand.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Friday, September 11, 2020
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Luxury, Retail, Minerals, Mining, Industries, Luxury brands, Diamond, Crystals, Alrosa, De Beers, Blood Diamond, Diamonds as an investment, Martin Rapaport
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Summary
Key Points: 
  • The two biggest diamond producers have lowered prices in an attempt to spur demand.
  • Both Alrosa and rival De Beers have lowered prices in their most recent sales.
  • The two companies had tried to defend the value of their diamonds however with the closure of jewelry stores and travel bans in effect, the global demand for diamonds was significantly reduced.
  • Many of their customers have not bought any significant amount of diamonds since February and will need to replenish inventories.


ResearchAndMarkets.com published a new article on the diamonds industry "Diamonds Are Discounted"

The two biggest diamond producers have lowered prices in an attempt to spur demand. Both Alrosa and rival De Beers have lowered prices in their most recent sales. The two companies had tried to defend the value of their diamonds however with the closure of jewelry stores and travel bans in effect, the global demand for diamonds was significantly reduced. In Q2 De Beers and Alrosa sold a combined $130 million in rough diamonds compared to $2.1 billion in the same period of the previous year.

De Beers has lowered the price of its larger stones by almost 10%. In its most recent sale, Alrosa also lowered prices but did not reveal which stones were discounted offering a single invoice total instead of the usual individually priced diamond parcels. The price cuts are a sign that both companies believe demand is returning. Many of their customers have not bought any significant amount of diamonds since February and will need to replenish inventories. However, the recovery of the diamond industry will ultimately depend on getting consumers back into jewelry stores.

To see the full article and a list of related reports on the market, visit "Diamonds Are Discounted"

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