Finally, there is some glittering news for the recession-hit diamond industry. World’s leading diamond group De Beers has announced that it will ramp up diamond output by 80 per cent in the second quarter, in the anticipation that the sales during Christmas this year will be better compared to 2008. For full story, click here
The crisis in the diamond industry has hit bottom, and the industry can now look forward to growth, according to DeBeers managing director Gareth Penny. Mr. Penny relayed this message to a room full of diamond merchants, manufacturers, and leaders at the Diamond Town Hall Meeting on June 3rd.
In a major move to help the recession-hit diamond industry in Botswana, the African Development Bank has approved a loan of 1.5 billion dollars for the diamond-rich country. For full story, click here
Like the case of Surat, Belgium’s diamond industry is also facing the impact of slump in a very bad patch. For full story, click here
Online jewelry retailer Blue Nile Inc’s announced that it has posted better-than-expected quarterly net profit that dipped by nearly a quarter as receding demand in a slump offset waning diamond prices. For full story, click here
The slump in the diamond industry has claimed two more lives. In Amreli district a jobless worker and in Surat a diamond broker both consumed poison. For full story, click here
Global slowdown and recession pummelling the diamond industry, and the N.W.T. is feeling the pain. For full story, click here
Gujarat’s diamond workers and traders are facing unprecedented crisis on account of fall in demand for diamonds caused by the recession looming over the globe for the past several months. For full story, click here
Angola may be forced to abandon its currency’s peg to the dollar as the global recession reduces demand for oil and diamonds, the country’s dominant exports, according to Barclays Plc-owned Absa Capital. For full story, click here
The current recession in their key markets, the US and Japan, has forced several mid- and large-sized diamond exporters in India to look beyond precious stones to equity trading. For full story, click here
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