Diamond industry’s torrid year set to continue for some time

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With too much supply and banks tightening their financing, many traders are unprofitable. FMTNews Diamond DeBeers GemDiamond

They’ve also been left holding a lot of inventory that’s been falling in value and taking longer to clear than many expected.

De Beers has been offering more flexibility to its customers, allowing them to reject some rough diamonds, and last month it cut prices across the board by about 5%. The company has also been throwing more money at advertising to drive consumer demand.

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