De Beers is clearly labelling its diamonds as grown in laboratories and pricing them as such. Picture: REUTERS
At the centre of the pain are the middlemen who cut, polish and trade the world’s diamonds. Their profits evaporated as polished stones lost value, banks tightened financing, and top producer De Beers held firm with the prices it demands for the rough diamonds it digs up. Not all diamonds are getting cheaper. Sales of the type of luxury, branded jewellery sold by Tiffany & Co, Cartier or Bulgari have been resilient and grabbing market share in the $80bn industry. However, they still account for only about 30% of the global total.
An index that tracks wholesale diamond prices is near the same level as 2002 and has consistently declined since 2011.
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