Diamonds in the news: De Beers to raise rough diamond prices 5%.
Excerpt:
De Beers Diamond Trading Company (De Beers) announced yesterday that it would raise its prices for rough diamonds at the next sight by 5%. The price hike will probably have an adverse effect on Israel's diamond industry.
Israel Diamond Manufacturers Association (IsDMA) chairman Moti Ganz told "Globes" that De Beers' price hike would cause losses to diamond merchants until prices for polished diamonds could be raised in 2-3 months, and even force some diamond merchants out of business altogether.
Industry sources believe that Israeli diamond merchants are liable to be stuck with inventories of polished diamonds from new purchases that are more expensive than polished diamonds purchased from the earlier, cheaper, deliveries. The result will reduce the profitability of diamond transactions, and possibly drive polishers out of business. At this stage, no diamond polishing is expected to take place during the Passover holiday next month.
Posted by GilbertZ at 04:51 AM
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Comments:
De Beers, all I can say is wow!
-Jerry
http://worldstockjewelry.psonizo.com
Posted by: Jerry Mediva on March 27, 2004 03:41 AM
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