DeBeers hails bottom has been hit

Diamond Investing News reports diamond prices have not improved with the economic downturn.

In America, over 1,000 jewelers went bankrupt; most of these held outstanding loans with banks and diamantaires. Even the giant companies were not immune. Luxury retailer Tiffany and Company Q4 2008 profits plunged by 75 per cent. The fourth quarter, due to the Christmas holiday, is typically the jewelry industry’s most profitable.

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