A Sunday broadsheet newspaper that focuses on business and politics. It started publishing on Sunday 11th November 2012.
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The worldโs biggest diamond producer raised prices by about 5% at its first sale of the year, according to people familiar with the situation who asked not to be identified because the information is private. The increases mostly applied to stones bigger than 1 carat, the people said.
The diamond industry has surprised many by the speed of its recovery after being brought to a complete standstill in the first half of last year. Crucial holiday sales in the U.S. and China were strong, while a shortage of stock held by industry middlemen created strong demand.
De Beers doesnโt publicize price changes, but itโs probably one of the steepest increases since the early part of last decade, the people said. A spokesman for De Beers declined to comment.
There were signs of recovery in the fourth quarter of 2020 as rough-diamond buyers started replenishing stocks to prepare for the industryโs most important selling period: Thanksgiving to the Chinese New Year. De Beersโs business started rebounding, and the Anglo American Plc unit was able to edge prices higher in the last sale of the year in December.
Thatโs in stark contrast to the industryโs fortunes at the early stages of the pandemic, when sales collapsed, and diamond retailers and factories closed. De Beers responded by curtailing production, leading to a tighter supply just as shoppers returned to stores in parts of China and the U.S.
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ยฉ 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.
ยฉ 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.