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CORP/BIZ Diamond Crisis: De Beers Sales Crash 44% As Demand Plummets
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  1. #1
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    Diamond Crisis: De Beers Sales Crash 44% As Demand Plummets

    Uh oh, looks like sales of shiny rocks with highly manipulated pricing are cratering. Of course Zero Hedge calls this more evidence of a recession coming, but then, it kind of needs to for the sake of its audience. Still, I think we all know that something's not right in the field, and it's taking every sneaky trick the government ever created to keep the wheels on until Election Day.

    Fair use cited so on and so forth.

    https://www.zerohedge.com/news/2019-...emand-plummets

    Diamond Crisis: De Beers Sales Crash 44% As Demand Plummets

    by Tyler Durden
    Fri, 08/30/2019 - 02:45

    The Financial Times states that De Beers', the world's largest diamond miner, has seen a collapse in sales this month, as the entire industry is on the brink of a downturn amid weaker consumer demand and the proliferation of lab-grown stones.

    De Beers said Wednesday that it sold just $280 million of diamonds this month, compared with $503 million in the same period a year ago, which represents a 44% drop. The miner's sales so far this year are down $1 billion from the same time in 2018.

    "The current malaise in the market is due to oversupply," said Paul Zimnisky, an analyst in New York, who said diamond buyers had too much inventory.

    Declining demand from the world's two largest diamond-consuming countries, the US and China, has fuelled uncertainties for the overall industry. Along with macroeconomic risks about a structural decline of the global economy and an out of control trade war between the US and China.


    Diamond buyers have become disappointed with the cost of rough diamonds sold by De Beers this year as spot prices for polished diamonds have fallen on a YoY basis.

    "Clients are waiting for polished demand to pick up and are trying to buy as little as possible," David Harari, co-founder of diamond trading platform Bluedax, said in a newsletter. "



    "The secondary market shows no demand for goods, and items traded are being sold without a profit and even at a loss."

    Shares in Signet, the world's largest retailer of diamond jewelry, have crashed 60% this year.

    Zimnisky noted the rapid increase of lab-grown diamonds, which are chemically grown in a lab, are also "taking a very precious piece of the mined industry's modest growth."

    As a result of the oversupplied market, De Beers has so far slashed production with a target of 31 million carats this year compared with 35.3 million lin 2018.

    While diamonds maybe forever, diamond demand from consumers isn't - and that demand tends to collapse ahead of (and during) recessions.

  2. #2

  3. #3
    Quote Originally Posted by Blacknarwhal View Post
    lab-grown diamonds, which are chemically grown in a lab
    That is to say, in a lab they grow diamonds using chemicals. Or to rephrase, chemicals are used in a lab where a process makes diamonds. Just in case "lab-grown diamonds" was too hard for anyone to understand.
    Better to be a warrior in a garden than a gardener in a war.

  4. #4
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    i read somewhere years ago that almost all of the safety deposit boxes in england, the netherlands and belgium were full of diamonds from debeers. they control almost 90% of the market. there are so many diamonds that if they were all released they would be sold in gum ball machines..
    ========================================
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  5. #5
    11 Harrowhouse is a novel about ripping off the diamond piles. Pretty good, as I recall.
    Better to be a warrior in a garden than a gardener in a war.

  6. #6
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    About time, I say.

    Diamonds are not rare. It's a function of one family controlling the release of them.

    It's also likely that millennials are killing it off. They couldn't care less about tradition, and fewer are getting married. They don't see the point in wearing six months of a mortgage payment on their finger. Neither do I, by the way.
    Sub-Zero

  7. #7
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    Who gives a rat's patoot about diamond rings anymore? Yeah it was a tradition for a long time, but now it's out-dated, over-priced and beyond stupid.

    I think we all know that they aren't the slightest bit rare any longer, and a cubic zirconia looks just as good on a ring as an over-priced diamond. People have wasted their money on diamonds for long enough.
    -----------------------------------------------------------
    "I, YHWH, change not." ~ our Creator

  8. #8
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    I wouldn't want to be in the diamond business.......socially they are falling out of favor along with the traditions that usually drive that business.

    I know a guy in my office a 20 something that got engaged and the engagement ring he gave his girl had their birthstones in it (no neither was an April diamond)........so that's a trend I'm hearing instead of the diamond.

    Its odd enough to see a 20 something get engaged these days but the ones that do are thinking different on what they represent that engagement with these days.

  9. #9
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    De Beers Sales Crash 44% As Demand Plummets


    Good! Those criminal thugs deserve it.

  10. #10
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    Quote Originally Posted by Scotto View Post
    Who gives a rat's patoot about diamond rings anymore? Yeah it was a tradition for a long time, but now it's out-dated, over-priced and beyond stupid.

    I think we all know that they aren't the slightest bit rare any longer, and a cubic zirconia looks just as good on a ring as an over-priced diamond. People have wasted their money on diamonds for long enough.
    It's still traditional to get the diamond ahead of marriage. But then again, like you said, a lot of millennials / Gen Zers are expressing the same lack of a rat's patoot about the concept. Plus, Sub-Zero called it too; there's better things to do with that money.

    Berke Breathed actually called it back in the late eighties / early nineties.

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  11. #11
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    My engagement ring had a jade stone in it (no diamonds). I never have liked them much even though my birthstone is a diamond. I don't wear any rings anymore and haven't for a long time. They get in the way, have to be kept clean (hard when you are gardening or taking care of animals), get lost, and - in the case of my wedding ring, which was very wide (not my choice, my mother-in-law picked it out, believe it or not -- yes, that marriage was doomed from the start, though we did make it 28 years), I couldn't keep my skin dry under the ring and had to take it off frequently to allow the skin to dry out. I can't speak for others, but I've never been a big fan of jewelry anyway. I can certainly see it going the way of the dodo bird, at least to some extent (there are always going to be people who like bling).

    Kathleen
    Behold, these are the mere edges of His ways, and how small a whisper we hear of Him.
    Job 26:14

    wickr ID freeholder45

  12. #12
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    I still like diamonds. Always have. I'm becoming more leery about wearing them out in public, though. I don't want to draw undue attention to myself, making me a target. I also don't wear them around the house. The rings get in my way of cleaning and gardening.

    Maybe, I should just tuck everything away in my jewelry cabinet. The gold is still worth something if needed.
    Sherree

  13. #13
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    I'm a fan of Black Hills gold. I have a couple rings and a bracelet that I'm quite fond of. Bought them back in the late 1990's.

  14. #14
    Back in '93, when DH popped the question I told him "Yes, but DON't buy me a diamond!" He was shocked and asked, "well, what do you want?" I told him I'd rather have a dog. So we went to the pound and found a lovely black lab/border collie cross. I'll take a dog over jewelry any day.

  15. #15
    Black Hills gold for me, no engagement ring when I married, wasn't interested in spending money in that manner. Our wedding bands are Black Hills gold.
    ďOur knowledge can only be finite, while our ignorance must necessarily be infinite.Ē

  16. #16
    I thought diamonds had been losing market favor for decades now.

    I would wear them more, if they struck me as prettier.

  17. #17
    I remember reading about diamond sales falling several years ago. The article said it was because of the exposure of "blood diamonds" had turned so many people off and that diamonds produced in a plasma chamber cost about half.

  18. #18
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    They made so much money they can close shop and go home, they never have to worry about paying their bill$.

  19. #19
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    What is stupider than colorless diamonds?
    Chocolate diamonds.
    Nothing but a low-grade industrial abrasive.
    If I wanted stone jewelry, I would go for something with color.
    Opal, sapphire, emerald, ruby.
    Lab grown would be fine.
    "...Cry 'Havoc' and let slip the cats of war..."
    Itís a real pisser when your belief system gets T-boned by reality.
    Iím not afraid of dying...I just donít want to be there!
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  20. #20
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    Some years ago I ran across a news article about a diamond dealer who bought some top quality stones at a really good price. He had them tested at a lab that specialized in gem testing. The report was that the stones were very high quality man made diamonds. He did some more research and found that only 3 Labs in the world could tell the difference between the best synthetic and natural diamonds.

    The news article was written several years after the diamond dealer first became suspicious of his purchase. As best as I can remember, the purchase was made in 2011.

    Changing fashions are only part of the decline in sales. Buying top quality stones is also a form of investment. The smarter diamond investors are now investing in other things.

    Windy Ridge

  21. #21
    Not unhappy at the spectre of that industry taking a hit, have never been a fan of it's policies.

    As to the jewel...meh. I like pretties, but find saphire a better, more lovely option. My goats
    prefer ruby\sapphire combos, too. On me. To nibble upon. Not that my goats wear diamonds and rubies! ; )
    Thoughts are things. Thus I'm careful of the thoughts I think, & the company I keep.

  22. #22
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    Most of the youngsters these days are going with those silicon wedding bands. They're inexpensive and you can get them in colors to suit your mood or outfit. I plan to get a set for OC and I for christmas this year.
    People are quick to confuse and despise confidence as arrogance but that is common amongst those who have never accomplished anything in their lives and who have always played it safe not willing to risk failure.

  23. #23
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    Quote Originally Posted by Profit of Doom View Post
    What is stupider than colorless diamonds?
    Chocolate diamonds.
    Nothing but a low-grade industrial abrasive.
    If I wanted stone jewelry, I would go for something with color.
    Opal, sapphire, emerald, ruby.
    Lab grown would be fine.
    Sapphires, amethyst, and turquoise are my favorites. That said my engagement ring has blue diamonds and talk about sparkly!
    People are quick to confuse and despise confidence as arrogance but that is common amongst those who have never accomplished anything in their lives and who have always played it safe not willing to risk failure.

  24. #24
    Quote Originally Posted by packyderms_wife View Post
    Sapphires, amethyst, and turquoise are my favorites. That said my engagement ring has blue diamonds and talk about sparkly!
    Sounds purty! Hubbie and I were designing an 'our ring' with stones in the blue-purple spectrum.
    Thoughts are things. Thus I'm careful of the thoughts I think, & the company I keep.

  25. #25
    I favor jewelry for women still, for much he same reasons I ndians wear their wealth\gold. Course I'm old, and that is an old world \womans' concept.
    Thoughts are things. Thus I'm careful of the thoughts I think, & the company I keep.

  26. #26
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    Quote Originally Posted by jward View Post
    I favor jewelry for women still, for much the same reasons Indians wear their wealth\gold. Course I'm old, and that is an old world\womans' concept.
    Our choice for silicon bands is for safety reasons, we both work with our hands using tools like table saws, lathes, etc. We still have our traditional bands for when we're out and about, actually his needs to be resized he's lost that much weight, I've finally lost enough weight I can wear my set comfortably again. I see youngsters still wearing jewelry, especially young women, I just don't see them decked out in diamonds like in times past. I think the diamond tennis bracelet has gone the way of the dodo bird.
    People are quick to confuse and despise confidence as arrogance but that is common amongst those who have never accomplished anything in their lives and who have always played it safe not willing to risk failure.

  27. #27
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    Quote Originally Posted by jward View Post
    Sounds purty! Hubbie and I were designing an 'our ring' with stones in the blue-purple spectrum.
    The diamonds on the blue spectrum are gorgeous! I never cared for yellow spectrum diamonds, they're kinda up there with yellow teeth in my book.
    People are quick to confuse and despise confidence as arrogance but that is common amongst those who have never accomplished anything in their lives and who have always played it safe not willing to risk failure.

  28. #28
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    NA kind of guy so Silver, Turquiose and Red Coral. Designed mine and FL's rings-her is a series of Bear Claws with a stone held at top-Ruby or Emerald and mines is a mixed metal copp, silver and Bronze band, no stone made up of,,,Fruit Loops.

    Actually still in the process of doing them-why I want a #d printer as carving in wax to cast is a PITA.
    "It ain't no secret I didn't get these scars falling over in church."


    "My Shoes are too Tight. But it is ok as I have forgotten how to Dance."

  29. #29
    Quote Originally Posted by goosebeans View Post
    Back in '93, when DH popped the question I told him "Yes, but DON't buy me a diamond!" He was shocked and asked, "well, what do you want?" I told him I'd rather have a dog. So we went to the pound and found a lovely black lab/border collie cross. I'll take a dog over jewelry any day.
    That's awesome! There were two things that happened within minutes of each other when I rescued my first pup. The long nails got cut and the rings went in a jewelry box. I thought it was too easy to scratch the puppy with a prong setting, or put out an eye with a nail. It was an easy sacrifice and my fur kids have kept me entertained and loved up for almost fifteen years now. I do too much gardening, deep cleaning, and farm animals these days.

    I love fine jewelry and have decided that my new hobby is going to be faceting gems. Most that are cut by low wage earners are not as precise as what someone can create by taking time and care. Like the art world, it is worth what someone can make you believe it is worth. With a gem faceting machine, some diagrams, and gem CAD, I can design my own jewelry. A precious metals 3D Printer is also on that list.

    This article explains the almost constant ad campaign DeBeers is doing on You Tube this month. When someone like that has to advertise- times are tough.
    Don't be dismayed by goodbyes. A farewell is necessary before you can meet again. And meeting again, after moments or lifetimes, is certain for those who are friends. --Richard Bach

  30. #30
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    Buying diamonds - you may as well set fistfuls of 100 dollar bills afire. There is no worse rip-off than retail diamonds.

  31. #31
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    Quote Originally Posted by Sub-Zero View Post
    About time, I say.

    Diamonds are not rare. It's a function of one family controlling the release of them.

    It's also likely that millennials are killing it off. They couldn't care less about tradition, and fewer are getting married. They don't see the point in wearing six months of a mortgage payment on their finger. Neither do I, by the way.
    Indeed. Why spend the rent money for 3 months or your savings for your next car on a gift for a person you likely won't even know where they are ten years from now?

    Proud member Alt-Right group "Scientists For Trump". (Smart Americans know he's right.)
    A man should only take a wife whose Bible includes Genesis, Leviticus, Deuteronomy, Colossians, Malachi, Isaiah, Ephesians, Corinthians, Hebrews, Timothy, Titus, Proverbs, Mark, Peter & Revelation. Ecclesiastes 7:28 (NIV) tells him the odds.

  32. #32
    Quote Originally Posted by Seeker22 View Post
    That's awesome! There were two things that happened within minutes of each other when I rescued my first pup. The long nails got cut and the rings went in a jewelry box. I thought it was too easy to scratch the puppy with a prong setting, or put out an eye with a nail. It was an easy sacrifice and my fur kids have kept me entertained and loved up for almost fifteen years now. I do too much gardening, deep cleaning, and farm animals these days.

    I love fine jewelry and have decided that my new hobby is going to be faceting gems. Most that are cut by low wage earners are not as precise as what someone can create by taking time and care. Like the art world, it is worth what someone can make you believe it is worth. With a gem faceting machine, some diagrams, and gem CAD, I can design my own jewelry. A precious metals 3D Printer is also on that list.

    This article explains the almost constant ad campaign DeBeers is doing on You Tube this month. When someone like that has to advertise- times are tough.
    That sounds like a neat and enjoyable hobby, seeker! I do have a little collection of rings but they're all antiques, inherited from my gran and great aunts. Like you, most of my time is spent tending to farm animals, building and fixing things and we rarely go anywhere to dress up for so it never gets worn. I've just never been able to wrap my head around spending thousands of dollars on engagement rings and weddings, heck, even vehicles. It better hold at least 30 bales of hay

  33. #33
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    I guess I must be a dinosaur! I love Diamonds!! And I love bigger sparkly, really good diamonds!! I had waited over 50 years to get some diamonds and didn't get any so I started buying them myself. I have learned how to buy good diamonds so I buy them all second hand. What a deal!! One jeweler I took one ring too went on and on about what a GOOD diamond it was! All of them! I was over the moon happy but now I am afraid to wear it out in public in fear of being robbed or killed.

  34. #34
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    Quote Originally Posted by WalknTrot View Post
    Buying diamonds - you may as well set fistfuls of 100 dollar bills afire. There is no worse rip-off than retail diamonds.
    That's absolutely true.
    And, IMO, super expensive weddings. Total waste of money!

  35. #35
    Aww broken wing, that story makes me really happy and really sad for you, all at once. I hope you make sure to find a few special occasions where you can go out, feel safe, and enjoy sparkling!

    I second or third the searching out the vintage and antiques they are so special, just due to the weight of their history imo.
    Thoughts are things. Thus I'm careful of the thoughts I think, & the company I keep.

  36. #36
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    My beautiful ring is moisonite (sp) set in white gold and I love it, bought it myself after we lost everything in Katrina. And I still wear it, DH wears his gold wedding ring from his first marriage, why not, he had a good marriage.

    Besides people may be spending money on food instead of diamonds.

    Judy

  37. #37
    Quote Originally Posted by brokenwings View Post
    I guess I must be a dinosaur! I love Diamonds!! And I love bigger sparkly, really good diamonds!! I had waited over 50 years to get some diamonds and didn't get any so I started buying them myself. I have learned how to buy good diamonds so I buy them all second hand. What a deal!! One jeweler I took one ring too went on and on about what a GOOD diamond it was! All of them! I was over the moon happy but now I am afraid to wear it out in public in fear of being robbed or killed.
    Oh, (((brokenwings))), 50 years is a long time to wait!! There's nothing wrong with indulging yourself and buying something that you've always wanted. You go girl! It sounds like you really know what to look for. You should pick a day once a month, get all dressed up, open a bottle of wine and enjoy wearing your diamonds. It's wonderful that you are finally able buy something that brings you so much pleasure! I hope you have many more years to enjoy them.

  38. #38
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    Quote Originally Posted by brokenwings View Post
    I guess I must be a dinosaur! I love Diamonds!! And I love bigger sparkly, really good diamonds!! I had waited over 50 years to get some diamonds and didn't get any so I started buying them myself. I have learned how to buy good diamonds so I buy them all second hand. What a deal!! One jeweler I took one ring too went on and on about what a GOOD diamond it was! All of them! I was over the moon happy but now I am afraid to wear it out in public in fear of being robbed or killed.
    You’re mor3 likely to get robbed for wearing real turquoise than you are for wearing diamonds, unless your in a drug addicted infested area.
    People are quick to confuse and despise confidence as arrogance but that is common amongst those who have never accomplished anything in their lives and who have always played it safe not willing to risk failure.

  39. #39
    Quote Originally Posted by goosebeans View Post
    That sounds like a neat and enjoyable hobby, seeker! I do have a little collection of rings but they're all antiques, inherited from my gran and great aunts. Like you, most of my time is spent tending to farm animals, building and fixing things and we rarely go anywhere to dress up for so it never gets worn. I've just never been able to wrap my head around spending thousands of dollars on engagement rings and weddings, heck, even vehicles. It better hold at least 30 bales of hay
    I'll take 30 bales of hay over a shiny rock any time!
    Don't be dismayed by goodbyes. A farewell is necessary before you can meet again. And meeting again, after moments or lifetimes, is certain for those who are friends. --Richard Bach

  40. #40
    marriage in general will be a declining industry for the foreseeable future.

    The kind of girls worth marrying don't demand the big wedding or the expensive ring...and usually get married to a guy young enough to not be able to afford them. My wife and I married when I was broke. She got a 100 dollar ring from a small shop in the mall..... pre internet. We now have the nice house and decent income 18 years later. Still no desire for diamonds.

    The guys far enough along in their career to have the cash for the big ring don't want to get married......who in their right mind is going to drop big money on a ring for a "go girrrl" that has 10 years of indiscriminate sexual partners under her belt?

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