De Beers told its diamond buyers they can purchase stones on sweetened terms at its next sale, in the first sign the market is slowing after a bonanza that started during the global pandemic.
That’s now starting to unravel. Alrosa started quietly selling again in the summer and stones from Russia have continued to flow. At the same time, Chinese demand has been hit by Covid-19 lockdowns, while surging inflation threatens wider consumer demand in the US and Europe.De Beers responded on Friday by telling customers in a memo that it would be doubling the size of its so-called buyback process, according to people familiar with the situation.
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