• About
  • Advertise
  • Privacy & Policy
  • Contact
Bling Beverly Hills

Discover the Wonderful World of Bling

  • NEWS & ENTERTAINMENT
    • All
    • Bling Around the World
    • Bling BH News
    • Crime Bling
    • Interviews
    • Travel Series
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Massive Bling! Rare Russian Diamond is for sale!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

  • FINE JEWELRY
    • All
    • Alternative Metals
    • Body Jewelry
    • Bridal
    • Color Stone
    • Diamond
    • Fashion
    • Gold
    • Jewelry News
    • Mens
    • Pearl
    • Religious
    • Silver
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Pretty In Pink!  50’s Rolex Original Automatic

    Pretty In Pink! 50’s Rolex Original Automatic

  • DIAMONDS
    • All
    • Diamond Jewelry
    • Diamond News
    • Lab Grown Diamonds
    • Natural Diamonds
    • travel
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Massive Bling! Rare Russian Diamond is for sale!

  • LUXURY WATCHES
    • All
    • Cartier
    • Hublot
    • Luxury Watches
    • New Watches
    • Patek Philippe
    • Rare & Collectible Watches
    • Rolex
    • Sports Watches
    • Vintage Watches
    • Watch News
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Pretty In Pink!  50’s Rolex Original Automatic

    Pretty In Pink! 50’s Rolex Original Automatic

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    71′ Original Rolex Satisfies!

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

  • FASHION
    • All
    • Celebrity Bling
    • Fashion News
    • Music Bling
    • Red Carpet Bling
    • Sports Bling
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Pretty In Pink!  50’s Rolex Original Automatic

    Pretty In Pink! 50’s Rolex Original Automatic

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

  • BUSINESS
    • All
    • Business News
    • Crime Report
    • Gold, Silver, Platinum prices
    • Jewelry Stocks
    • Manufacturers & Suppliers
    • Mining News
    • Trade Shows
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Massive Bling! Rare Russian Diamond is for sale!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

  • DISCOVER BLING
    • All
    • D Diamonds
    • E Emeralds
    • P Pearls
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Magnificent Easter Eggs that made House of Faberge Famous

    Magnificent Easter Eggs that made House of Faberge Famous

    World’s Most Famous Pearl has 500 Year History

    World’s Most Famous Pearl has 500 Year History

    Emeralds & Diamonds are HOT this Season!

    Emeralds & Diamonds are HOT this Season!

  • SHOPPING
    • All
    • Bling Deals
    • Diamond Essentials
    • Travel Jewelry
    • Vintage Watches
    • What's Hot
    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

    40’s Rolex Is An Exciting Look Back In History

    40’s Rolex Is An Exciting Look Back In History

    $20.7 Million in Harry Winston Diamonds Seized at Canadian Border by US Customs Agents!

    $20.7 Million in Harry Winston Diamonds Seized at Canadian Border by US Customs Agents!

No Result
View All Result
  • NEWS & ENTERTAINMENT
    • All
    • Bling Around the World
    • Bling BH News
    • Crime Bling
    • Interviews
    • Travel Series
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Massive Bling! Rare Russian Diamond is for sale!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

  • FINE JEWELRY
    • All
    • Alternative Metals
    • Body Jewelry
    • Bridal
    • Color Stone
    • Diamond
    • Fashion
    • Gold
    • Jewelry News
    • Mens
    • Pearl
    • Religious
    • Silver
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Pretty In Pink!  50’s Rolex Original Automatic

    Pretty In Pink! 50’s Rolex Original Automatic

  • DIAMONDS
    • All
    • Diamond Jewelry
    • Diamond News
    • Lab Grown Diamonds
    • Natural Diamonds
    • travel
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    California jewelry store owner single-handedly sees off smash-and grab hammer gang with his gun

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Massive Bling! Rare Russian Diamond is for sale!

  • LUXURY WATCHES
    • All
    • Cartier
    • Hublot
    • Luxury Watches
    • New Watches
    • Patek Philippe
    • Rare & Collectible Watches
    • Rolex
    • Sports Watches
    • Vintage Watches
    • Watch News
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Pretty In Pink!  50’s Rolex Original Automatic

    Pretty In Pink! 50’s Rolex Original Automatic

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    71′ Original Rolex Satisfies!

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

  • FASHION
    • All
    • Celebrity Bling
    • Fashion News
    • Music Bling
    • Red Carpet Bling
    • Sports Bling
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Queen Elizabeth’s most expensive piece of jewelry is worth a staggering 5 Billion dollars!  

    Pretty In Pink!  50’s Rolex Original Automatic

    Pretty In Pink! 50’s Rolex Original Automatic

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

  • BUSINESS
    • All
    • Business News
    • Crime Report
    • Gold, Silver, Platinum prices
    • Jewelry Stocks
    • Manufacturers & Suppliers
    • Mining News
    • Trade Shows
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Matt Stuller – Amazon “Jeff Bezos” of Jewelry – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Massive Bling! Rare Russian Diamond is for sale!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Terrifying Robbery in Beverly Hills as Shots Fired and Watch Stolen During Lunch at Il Pastaio!

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

  • DISCOVER BLING
    • All
    • D Diamonds
    • E Emeralds
    • P Pearls
    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Diamond Prices Fall 18%

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Bill Boyajian – Jewelry Industry Leader – Most Influential List

    Magnificent Easter Eggs that made House of Faberge Famous

    Magnificent Easter Eggs that made House of Faberge Famous

    World’s Most Famous Pearl has 500 Year History

    World’s Most Famous Pearl has 500 Year History

    Emeralds & Diamonds are HOT this Season!

    Emeralds & Diamonds are HOT this Season!

  • SHOPPING
    • All
    • Bling Deals
    • Diamond Essentials
    • Travel Jewelry
    • Vintage Watches
    • What's Hot
    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

    50 Carat Lab Grown Diamond Breaks Record!

    50 Carat Lab Grown Diamond Breaks Record!

    House of Cartier is the Most Fabulous House in the World!

    Cartier Will Raise Prices Worldwide In the Coming Weeks

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Man Jailed for $ 590,000 Robbery of Rolex Watches in London

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Frank Dallahan – JCK Legend, Jewelry Media Publisher – Most Influential List

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Diamond Jewelry Suppliers Leave Downtown For Beverly Hills!

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

    Maximilian Büsser – MB&F Time Machine Creator – Most Influential List

    40’s Rolex Is An Exciting Look Back In History

    40’s Rolex Is An Exciting Look Back In History

    $20.7 Million in Harry Winston Diamonds Seized at Canadian Border by US Customs Agents!

    $20.7 Million in Harry Winston Diamonds Seized at Canadian Border by US Customs Agents!

No Result
View All Result
Bling Beverly Hills
No Result
View All Result
Home BUSINESS

Miners Stuck With Gems Worth Billions

The Great Diamond Glut of 2020

Staff Writer by Staff Writer
June 9, 2020
in BUSINESS, De Beers, DIAMONDS, Mining News, News
0
Miners Stuck With Gems Worth Billions

Rough Diamond Glut Worldwide

0
SHARES
309
VIEWS
Share on FacebookShare on Twitter

Bloomberg

The coronavirus pandemic has devastated the diamond world.

In one of the world’s biggest diamond vaults, hidden inside a nondescript office compound on the dusty outskirts of Botswana’s capital, the precious stones just keep piling up.

Diamond Vault

Owner De Beers, which mines and auctions most of its gems in the southern African nation, has barely sold any rough diamonds since February. Neither has Russian rival Alrosa PJSC. Now, as the coronavirus restrictions that froze the global industry for months begin to lift, the unsold diamonds present a dilemma: how to reduce billions of dollars’ worth of stocks without undermining the nascent recovery.

The pandemic has devastated the diamond world. Jewelry stores closed their doors, India’s cutting and polishing artisans were forced to stay home and De Beers had to cancel its March sale because buyers couldn’t travel to view the merchandise.

uncut diamond glut worldwide

De Beers and Alrosa have moved to defend their market. The miners refused to cut prices, instead allowing buyers unprecedented freedom to renege on contracts to buy stones. They’ve also reduced production in an effort to control stock levels. Yet the diamonds keep piling up.

The five biggest producers are probably sitting on excess inventories worth about $3.5 billion, according to Gemdax, a specialist advisory firm. The figure could reach $4.5 billion by the end of the year, or about one-third of annual rough-diamond production.

“They’ve tried to restrict rough-diamond supply to protect the market and protect value,” said Gemdax partner Anish Aggarwal. “The question will be, how does this destocking occur? Can miners destock and keep protecting the market?”

After being forced to cancel the March event, De Beers managed to hold a sale in May but didn’t announce the results like it usually does. According to people familiar with the situation, the sale yielded about $35 million. Last year that sale was $416 million.

The next big test for the industry comes later this month, with De Beers’s next sale. The company is going out of its way to attract customers, including by allowing diamond viewings outside of Botswana. Buyers will still be allowed to refuse goods they’ve contracted to purchase.

Photography of Steinmetz Co., Gaborone, Botswana.

De Beers’s customers, some of whom had been deeply frustrated with some of the company’s sales methods in recent years, have welcomed its actions so far.

Yet while De Beers and Alrosa have stood firm on pricing – even refusing approaches from customers offering to buy at special terms – smaller diamond producers have dropped their own prices, according to people familiar with the matter.

Junior miners, some of which were fighting for survival even before the pandemic, have been offering steep discounts of as much as 25% in trading centers such as Antwerp, the people said. That could make it tough for the large companies to convince big buyers to come to the table.

Diamond miners face “a double whammy of weak prices and a sharp decline in sales volumes on a scale reminiscent of the 2008-09 crisis,” Societe Generale analyst Sergey Donskoy said this week.

Managing supply has been a constant headache for the diamond industry ever since De Beers ended its monopoly. The company spent the early 2000s running down about $5 billion in stock, and industry inventories ballooned during the global financial crisis and again in 2013. Each time, selling down the stockpiles has caused buildups of polished diamonds, putting huge pressure on the cutters, traders and manufacturers that buy from them.

Glut of Rough Diamonds threaten Polished Supply

It may be even harder this time around. Those middlemen of the industry were already struggling even before the pandemic, while retail is one of the sectors hardest hit by the virus measures.

Alrosa said Friday that its diamond inventories could rise to 30 million carats by the end of the year, roughly the same as its annual production, but didn’t give a value. The company said it wants to cut those stocks to 15 million carats in three years.

There are some signs of recovery. Chinese retailers are open again and India has allowed manufacturing to restart in the key Surat polishing hub, albeit at only 50% of capacity. The main Indian trading offices are allowed 10% of employees on site.

Still, manufacturers bought heavily in the first two months of the year in anticipation of a recovery in the market. With cutting centers shut for the past two months, that inventory is expected to last until July or August. That’s left little need to buy now.

“At this stage it’s hard to speculate on what the recovery curve will look like,” said Aggarwal. “What we’re not expecting is an immediate jump back in consumer demand.”

Diamond Mine in Botswana.

 

Tags: BUSINESSDe BeersDIAMONDSMining NewsNews

Stay Connected to Everything BLING!

  • Trending
  • Comments
  • Latest
How to take care of your Rolex watch perfectly?

How to take care of your Rolex watch perfectly?

February 21, 2020
What is the resale value of a Rolex Datejust?

What is the resale value of a Rolex Datejust?

February 21, 2020
Which celebrities wear the Rolex Datejust 41?

Which celebrities wear the Rolex Datejust 41?

February 21, 2020
Peter Voutsas Jeweler, Peter Marco Beverly Hills – Most Influential List

Peter Voutsas Jeweler, Peter Marco Beverly Hills – Most Influential List

November 3, 2020
Bill Boyajian – Jewelry Industry Leader – Most Influential List

Diamond Prices Fall 18%

0
What is the resale value of a Rolex Datejust?

What is the resale value of a Rolex Datejust?

0
Which celebrities wear the Rolex Datejust 41?

Which celebrities wear the Rolex Datejust 41?

0
Premium collection of earrings by Jewelry Unlimited

Premium collection of earrings by Jewelry Unlimited

0
Bill Boyajian – Jewelry Industry Leader – Most Influential List

Diamond Prices Fall 18%

June 26, 2023
DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

June 21, 2023
50 Carat Lab Grown Diamond Breaks Record!

50 Carat Lab Grown Diamond Breaks Record!

June 18, 2023
House of Cartier is the Most Fabulous House in the World!

Cartier Will Raise Prices Worldwide In the Coming Weeks

April 19, 2022

Recent News

Bill Boyajian – Jewelry Industry Leader – Most Influential List

Diamond Prices Fall 18%

June 26, 2023
DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

June 21, 2023
50 Carat Lab Grown Diamond Breaks Record!

50 Carat Lab Grown Diamond Breaks Record!

June 18, 2023
House of Cartier is the Most Fabulous House in the World!

Cartier Will Raise Prices Worldwide In the Coming Weeks

April 19, 2022
Bling Beverly Hills

Jewelry News, Entertainment and Information.

Follow Us

Browse by Category

  • Alternative Metals
  • antique jewelry
  • Behind The Bling
  • Bling Around the World
  • Bling BH News
  • Bling Deals
  • Body Jewelry
  • Bridal
  • Business
  • BUSINESS
  • Business News
  • Cartier
  • Cartier
  • Celebrity Bling
  • Celine Dion
  • Color Stone
  • Crime Bling
  • Crime Bling
  • Crime Report
  • D Diamonds
  • De Beers
  • Diamond
  • Diamond Essentials
  • Diamond Jewelry
  • Diamond News
  • DIAMONDS
  • DISCOVER BLING
  • E Emeralds
  • Elizabeth Taylor
  • Elton John
  • Entertainment
  • Fashion
  • Fashion
  • FASHION
  • Fashion News
  • FINE JEWELRY
  • Food
  • GIA
  • Gold
  • Gold
  • Gold, Silver, Platinum prices
  • Health
  • Hip Hop Jewelry
  • Hublot
  • Interviews
  • Jewelry Crime
  • Jewelry News
  • Jewelry Stocks
  • Kathy Ireland
  • Lab Created Diamonds
  • Lab Grown Diamonds
  • Lifestyle
  • Loose Diamonds
  • LUXURY WATCHES
  • Luxury Watches
  • Manufacturers & Suppliers
  • Mens
  • Mining News
  • Most Influential List
  • Movie
  • Music
  • Music Bling
  • Natural Diamonds
  • New Watches
  • News
  • NEWS & ENTERTAINMENT
  • P Pearls
  • Patek Philippe
  • Pearl
  • Pearls
  • People
  • Pet Jewelry
  • Politics
  • Rare & Collectible Watches
  • Rare Collectibles
  • Reality TV Bling
  • Red Carpet Bling
  • Religious
  • Retailer News
  • Review
  • Richard Mille
  • Rolex
  • Royal Bling
  • Science
  • SHOPPING
  • Silver
  • Sports
  • Sports Bling
  • Sports Watches
  • Tech
  • Tiffany & Co.
  • Trade fair & Events
  • Trade Shows
  • Travel
  • travel
  • Travel Jewelry
  • Travel Series
  • Tudor
  • Uncategorized
  • Van Cleef & Arpels
  • Vintage Watches
  • Vintage Watches
  • Watch News
  • What's Hot
  • World

Recent News

Bill Boyajian – Jewelry Industry Leader – Most Influential List

Diamond Prices Fall 18%

June 26, 2023
DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

DeBeers Flips! Now Selling Lab-Grown Diamond Bridal

June 21, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 Jewelry News, Entertainment and Information.

No Result
View All Result
  • NEWS & ENTERTAINMENT
  • FINE JEWELRY
  • DIAMONDS
  • LUXURY WATCHES
  • FASHION
  • BUSINESS
  • DISCOVER BLING
  • SHOPPING

© 2023 Jewelry News, Entertainment and Information.