De Beers Will Stockpile Unsold Diamonds After Prices Tumble
- CEO is confident of selling that supply as demand recovers
- Companies has allowed buyers to refuse to purchase diamonds
De Beers plans to stick to its target of producing up to 33 million carats of rough diamonds in 2023.
Photographer: Simon Dawson/BloombergDe Beers plans to stockpile unsold diamonds after the world’s biggest producer responded to plunging prices by allowing its buyers to refuse to purchase all the stones they’re contracted to buy.
“We build up stocks of those because we are confident that over time the diamond price will increase and we will be able to sell that supply into the growing demand that we believe will come,” Chief Executive Officer Al Cook said at a briefing in Gaborone.