Diamond exports plunge 90%

According to the CSO, diamond exports which amounted to P3.3 billion in August, fell to P2.3 billion in November and to P821 million in October before plummeting to a mere P371 million in November as a result of falling demand and weakening prices.

Global demand for rough diamonds, which are the mainstay of the economy, is expected to drop by some 60 percent this year and the government has already estimated that revenues will be cut by over 50 percent.The latest figures call for serious belt-tightening measures.