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Now that 2015 is coming to an end, mining companies are reportedly preparing to reduce rough diamond prices in January. Having held off from doing so in the fourth quarter of this year, the industry may be missing an opportunity to capitalize on an expected seasonal improvement in polished demand at the beginning of 2016.
Rough diamond producers will have to slash prices further as a 28 percent slump from a peak in 2014 may be insufficient to revive demand, according to Moody’s Investors Service.
De Beers expects diamond production to fall to between 26 and 28 million carats in 2016 from 29 million carats this year as the mining giant outlined its view of the “stock crisis” affecting the industry.
In a historic deal that ends a century of involvement in the town that launched its empire, De Beers has sold its Kimberley mine to a consortium that comprises Petra Diamonds and Ekapa Mining for $7.2 million.
London – The large diamond finds continue, with mining company Petra Diamonds Ltd. recovering a 23.16-carat pink and Lucara coming up big again with two more exceptional stones.
De Beers has announced the dates of its sights in 2016: Sight 1: Monday January 18 – Friday January 22 Sight 2: Monday February 22 – Friday February 26
Vancouver, B.C. – Lucara Diamond Corp. President and CEO William Lamb knew that it was either very good or very bad news when his phone rang at 1:28 a.m. Monday morning Vancouver time.
De Beers recorded one of its smallest ever contract sales in November as last week’s sight closed with an estimated value of $70 million. The rough diamond supplier kept prices stable and enabled extra flexibility due to the slump in sightholder demand.
Expects manufacturing recovery in 2H 2016. Rough diamond prices need to come down by 15 percent but the market needs to stabilize first, Maxim Shkadov, president of the International Diamond Manufacturers Association (IDMA) told Rapaport News.
A quick note before Sight 9 – it’s going to be small, but it will take place. De Beers is adapting to the market, or as some may say, they are playing it by ear. The company is trying to meet the changing needs of its clients. Sadly, these changing needs seem mostly like detrition.
Low rough diamond demand expected through 4Q. De Beers will allow sightholders to defer their entire November allocations until December as diamond manufacturers remain under pressure from weak market conditions.
De Beers sightholders refused about half of their allocated supply last week, reducing the estimated value of rough sold at the sight to $200 million.