The world-renowned De Beers Company is having an uphill battle in the world of diamond sales while the global economy looks less rosy.
With its seventh sales for the current year, it is already clear that the huge $1 billion drop in sales is indicative of a general slump in the diamond industry.
However, De Beers, who owns Anglo American, with 85% control, realized $ 280 million in sales for August, which is the seventh sales day of the year’s ten events.
De Beers is the world’s largest producer of uncut diamonds, but Russia is the largest, measured by carat production.
The economy is currently not favorable to the industry, as the drastic decline from last year’s $3.93 billion for the corresponding period of this year is only $2.91 billion.