JOHANNESBURG, South Africa – Mining titan Anglo American announced on Tuesday it planned to sell off the world's long-dominant diamond supplier De Beers , with analysts pointing to pressure from cheaper lab-grown stones and volatile consumer demand.De Beers was founded in 1888 by the British colonial figure Cecil Rhodes and has long dominated the trade in diamonds from southern Africa, from mining right through to jewellery sales.
Paul Zimnisky, an independent diamond industry analyst based in the United States, calculates that prices have fallen 25 to 30 percent since a high in the first quarter of 2022.'There was highly unusual volatility in diamond demand over the last four years,' he told AFP.Diamonds fared better than many luxury products during the Covid epidemic, as even wealthy consumers were forced to avoid travel or high-end dining, even as stimulus spending boosted markets.
Comes Off De Beers As Diamonds Hit Rough
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