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A horror year for diamonds

Sunday, December 24, 2023 | 1740 Views |

Mmegi Photojournalist MORERI SEJAKGOMO holding a diamond during a tour at DTCB

A global diamond price slump is the hallmark for this year’s rough diamond sales with the precious stone market having suffered successive market blows throughout 2023.

The first jab at the diamond market landed when the largest economy in the world, the United States of America (USA) wobbled and since then it has been a gloomy road for diamond sales.

De Beers, the world’s largest diamond producer by value, reached a three-year low in sales in November netting a provisional $80 million, the lowest amount since April 2020 when demand and prices crashed due to COVID-19.

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A horror year for diamonds

A global diamond price slump is the hallmark for this year’s rough diamond sales with the precious stone market having suffered successive market blows throughout 2023.