The troubles in the diamond industry seem far from over, and De Beers, the world's largest diamond dealer, is experiencing the worst annual sales start since 2016. According to data released by Anglo American Plc, De Beers' sales in the second sales cycle of this year plummeted 13% year-on-year to US$490 million. Previous data showed that De Beers' sales revenue in the first sales cycle in 2019 was only $505 million, a sharp drop of 25% from the same period last year and 7% from the previous cycle at the end of 2018. Anglo American has an 85% stake in De Beers. This is the worst annual sales record since Anglo American began publishing sales data in 2016. Since diamond traders and manufacturers usually replenish stocks after the New Year holiday, sales at the beginning of the year are usually the largest. At the beginning of this year, it was not De Beers' first “going into the cold winterâ€: in the 7th sales cycle last year, its global diamond raw embryo sales decreased by 5.5% from the previous cycle, down 0.4% from the 507 million USD in the same period last year. It is the worst period (month) that De Beers has performed the most since the release of relevant sales data in 2016. De Beers CEO Bruce Cleaver said the market's demand for rough diamonds remains stable but demand for low-value diamonds is still limited. It claims that the weakness of related low-value diamonds is due to the inability of cutters and polishers to obtain credit terms from banks, which leads to an increase in inventories. In response to the sluggish sales, De Beers changed its previous package sales approach, providing Sightholders with the opportunity to reconfigure some smaller, lower value diamond embryos. But the supply of cheap diamonds has led to a meager profit for companies engaged in diamond trading, cutting and polishing. De Beers said on Tuesday that the bottom of the market is still depressed. In addition, miners are also facing greater competition from synthetic diamonds. Although artificial decorative diamonds have the same physical, chemical and optical properties as natural gemstones, the price difference between the two is different. The price of a 1-carat synthetic diamond is about $4,000, while the equivalent natural diamond is priced at around $8,000. Copper Tube,Refrigeration Copper Tube,Air Conditioning Radiator,Copper Tube Fittings Suzhou Green New Material Technology Co., Ltd. , https://www.szgreenvip.com
Abstract The troubles in the diamond industry seem to be far from over. DeBeers, the world's largest diamond dealer, is experiencing the worst annual sales start since 2016. Anglo AmericanPlc released data showing that DeBeers is...