Are diamonds forever out of favour?
Diamonds, or at least their profits, may not be forever
But Anglo American CEO won’t hear anything against De Beers
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...
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