Diamond Sales Restart After Global Prices Crashed

The world’s two biggest diamond miners are resuming stone sales after the industry nearly halted supplies in a desperate attempt to prevent a collapse in prices, as reported by Thomas Biesheuvel for Bloomberg News.

This year’s downturn, driven by swelling inventories, compelled the sector to take radical steps to support the market.

This year’s downturn, driven by swelling inventories, compelled the sector to take radical steps to support the market.

In September, Russia’s Alrosa PJSC suspended all sales for two months, followed by buyers in India—the dominant cutting and trading center—banning imports. De Beers permitted its customers to reject all gems they were contracted to buy.

There are now signs that the market is starting to recover. Alrosa resumed selling rough diamonds at the end of November, offloading more than $100 million, according to sources familiar with the matter.

De Beers, concluding its last sale of the year at the start of December, sold a similar amount, said the sources, who requested anonymity as the details are private.

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