The head of a diamond trading group has said that the downturn in the economy of America, the world’s top consumer of diamonds, may exacerbate his members debt burden and he welcomes a move by De Beers to trim supply in the coming months.
Avi Paz, president of the World Federation of Diamond Bourses, recently issued a statement asking diamond producers to reduce supply during the current economic turmoil to stabilise the sector. He appreciated the action taken by diamond giant De Beers, which controls around 40 percent of the market, to cut back the amount of unpolished gems at its next two sales due to reduced demand.
He also said that De Beers were obligated to buy the unpolished diamonds on offer at periodic sales. However in the current economic climate, they might find it difficult to sell all the processed material to jewellery makers and end up with increased debt burdens .
Debt burden in the diamond industry
Fri, 24 Oct 2008
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