De Beers and other mining firms slash diamond prices
Fall in demand, increase in the production of synthetic diamonds and inadequate bank financing cited
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SLACK demand and difficult trading conditions in the diamond industry are forcing De Beers, Alrosa and other mining companies to slash prices.
In its latest annual report, Russian company Alrosa, which produces 36 million carats a year or around 27 per cent of global supplies of rough diamonds, said the market began deteriorating in the second half of last year. (A carat equals 0.2 gram).
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