Original title: global diamond oversupply De Beers forced to reduce price by 5%
The world's largest diamond miner, De Beers, has cut the price of its original diamonds by about 5% in response to the growing industry crisis, Beijing time reported Thursday.
The global diamond industry has been on the edge of a downturn since August due to weaker consumer demand and a surge in artificial diamonds.
Paul zimnisky, gemstone analyst in New York, said: 'the current weakness is due to oversupply. Diamond buyers have too much inventory. '
In the past few months, diamond wholesalers have been asking De Beers to cut the spot price of diamond raw ore due to falling demand and oversupply.
At first, De Beers didn't want to reduce the price, but due to the oversupply and angry diamond wholesalers' refusal to buy the original diamonds sold by the company recently, the company's sales have continued to decline since the summer, with sales in August down 44% year-on-year and sales in September down 39% year-on-year.