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The global diamond supply is in surplus and the global diamond industry is in a downturn

The global diamond supply is in surplus and the global diamond industry is in a downturn

On the 5th Beijing time, De Beers, the world's largest diamond miner, has reduced the price of raw diamonds by about 5% in response to the expanding industry crisis.

Due to the weakening of consumer demand and the surge of artificial diamonds, the global diamond industry has been on the verge of downturn since August.

Paul zimnisky, a gem analyst in New York, said: 'the current market weakness is due to oversupply. Diamond buyers have too much inventory. "

Due to falling demand and oversupply, diamond wholesalers have been asking De Beers to reduce the spot price of diamond raw ore in the past few months.

De Beers was initially unwilling to reduce the price, but due to oversupply and the angry diamond wholesalers' refusal to buy the raw diamonds recently sold by the company, the company's sales have continued to decline since the summer, with a year-on-year decrease of 44% in August and 39% in September.