no shortage of people out there who continue to believe that diamonds are a terrific safe-haven investment for periods of macroeconomic and geopolitical upheaval like these. A quick look at stone values in recent weeks, however, suggest that the reality is anything but.
The head of Anglo American’s precious stones unit, Bruce Cleaver, noted that because of “ongoing macroeconomic uncertainty, retailers managing inventory levels, and polished diamond inventories in the midstream continuing to be higher than normal” that it had allowed some customers to defer their rough diamond allocations until later in the year.
And it’s quite possible that it’ll sink still further when first-half results are unpacked on Thursday, August 15. This isn’t the only good news to come to Gem Diamonds investors of late, the digger declaring in June that it finally got rid of its Ghaghoo mine in Botswana for $5.4 million. The asset had been closed down for care and maintenance since March 2017, so the sale axes any further costs associated with the shutdown and gives efforts to strengthen the balance sheet a shot in the arm, too.I fear that Gem Diamonds shareholders could find themselves crashing back down to earth next week, though.
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