Diamond sector battles crisis fatigue

Let’s hope that holds true for the diamond sector. We try to strike a hopeful note here at Diamonds in Canada about an industry that’s become such an inspiring and Canadian story about perseverance, determination, and the ability to adapt and change. But conditions have become very difficult of late. As Paul Zimnisky points out (see page 6), we are currently in the third crisis the industry has seen in 15 years. Recent figures from diamond powerhouse De Beers are illustrative. In the first half of 2019, De Beers’ revenue decreased by 17% to $2.6 billion (compared to $3.2 billion in last year’s first half). Its rough diamond sales fell by 21% to $2.3 billion (compared to $2.9 billion last year). Looking at its August sale alone paints an even starker picture, with revenue declining 44% to $280 million. In response to the tough environment and thin margins in the mid-stream of the diamond business, De Beers … Continue reading at The Northern Miner.