COVID-19 ‘Devastated’ the Diamond World, Leaving Producers with Billions in Excess Inventory
Posted: Sat Jun 13, 2020 4:29 pm
The question is, how are they going to get rid of the excess inventory caused by the lockdown during the pandemic? Good question, and how long will it take? God only knows. 
COVID-19 ‘Devastated’ the Diamond World, Leaving Producers with Billions in Excess Inventory
But De Beers and Alrosa are reluctant to slash prices.
Published 6 days ago
on June 8, 2020
By INSTORE Staff
"Bloomberg reports that the COVID-19 pandemic has “devastated” the diamond industry, leaving the top five producers with a combined $3.5 billion in unsold inventory.
The coronavirus hit the business from several angles. Jewelry stores were largely closed. Cutting and polishing professionals in India were unable to go to work. De Beers canceled a March sale because would-be buyers were unable to travel to see the diamonds.
Now De Beers, Alrosa and other major producers need to get rid of the excess inventory. De Beers and Alrosa have been reluctant to slash prices and have instead cut bac on production and have been liberal in allowing buys to back out of contracts.
Still, Bloomberg reports that excess diamonds could total $4.5 billion by the end of 2020.
“The question will be, ... "
https://instoremag.com/covid-19-devasta ... -371020409
COVID-19 ‘Devastated’ the Diamond World, Leaving Producers with Billions in Excess Inventory
But De Beers and Alrosa are reluctant to slash prices.
Published 6 days ago
on June 8, 2020
By INSTORE Staff
"Bloomberg reports that the COVID-19 pandemic has “devastated” the diamond industry, leaving the top five producers with a combined $3.5 billion in unsold inventory.
The coronavirus hit the business from several angles. Jewelry stores were largely closed. Cutting and polishing professionals in India were unable to go to work. De Beers canceled a March sale because would-be buyers were unable to travel to see the diamonds.
Now De Beers, Alrosa and other major producers need to get rid of the excess inventory. De Beers and Alrosa have been reluctant to slash prices and have instead cut bac on production and have been liberal in allowing buys to back out of contracts.
Still, Bloomberg reports that excess diamonds could total $4.5 billion by the end of 2020.
“The question will be, ... "
https://instoremag.com/covid-19-devasta ... -371020409