De Beers Warns Diamond Recovery Will Be Slow After Terrible Year
- De Beers CEO Al Cook says 2024 will be a ‘year of recovery’
- Producers halted supplies last year to stop price collapse
This article is for subscribers only.
De Beers expects any recovery in the beleaguered diamond market to be slow and gradual as the industry continues to suffer from weak economic growth in key markets such as China and the US.
The sector almost came to a complete standstill in the second half of last year as De Beers and Alrosa PJSC — the two biggest miners — all but stopped supplies in a desperate attempt to stem a slump in prices. While those efforts helped the market to pick up a bit, it’s unclear how much appetite trade buyers currently have.