Share your views and stand a chance to win a 12 month subscription.
Take survey here

In 2022, Petra Diamonds CEO Richard Duffy said the market for diamonds was undergoing a positive “structural change”. It was not a “bubble or a blip”. Rather, fundamental market forces of declining supply and improving demand were changing the industry’s fortunes.

Eighteen months later, Petra cancelled a diamond tender with buyers, citing “a temporary slowdown”. The market would recover, Duffy said. Then it didn’t. This month, De Beers suspended online diamond sales and said it would plough $20m into marketing gems ahead of the critical year-end buying season...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.