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Financial Post reported diamond slumping prices may be nearing a turnaround.
Financial Post reported diamond slumping prices may be nearing a turnaround.
As quoted in the market news:
It has been a challenging year in the diamond market, with prices for rough stones dropping about 20%. But RBC Capital Markets analyst Des Kilalea sees some “green shoots” that suggest a turnaround may be in sight.
He noted that a recent auction by BHP Billiton Ltd. showed improvement in rough prices. And at the same time, industry giant De Beers reduced prices in a recent auction. Mr. Kilalea viewed this as a positive, noting that De Beers was pricing its product too highly for most of the year, and cutters and polishers will now be more certain that they can make a decent profit. That boosts overall confidence in the market.