Russia’s Diamond Giant Halts Sales With Prices in Free Fall
- Indian buyers had asked miners to cut diamond supply
- De Beers offers more flexibility for buyers, but keeps selling
Rough diamonds mined by Alrosa.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russian diamond miner Alrosa PJSC has taken the almost unprecedented step of halting all its diamond sales in an attempt to prop up plunging prices.
Diamond demand across the board has weakened in the aftermath of the pandemic, as consumers splash out again on travel and experiences, while economic headwinds eat into luxury spending. However, the drop in prices has accelerated in recent weeks, and buyers in India — the industry’s biggest customers for rough diamonds — have been putting pressure on the biggest miners to rein in supply.