De Beers sitting on colossal stockpile of diamonds it can’t sell – FT
The precious stone market faces weak demand and rising competition
De Beers Group has amassed its largest diamond stockpile since the 2008 financial crisis, reflecting ongoing challenges in the luxury gemstone market, the Financial Times reported on Wednesday, citing the company’s press office.
The company, which dominates the $80 billion diamond jewelry industry, has seen inventory levels hover around $2 billion throughout 2024.
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