Headlines

This Company Is Taking a Break from Cheap Diamonds — Here’s Why

Published

7 years ago

February 16, 2017

INSTORE Staff

It stopped production at one mine.

Gem Diamonds Ltd. is calling it quits for now at a mine that focuses on lower-price diamonds.

The company cited a weak market for these types of diamond as the reason for the decision, Bloomberg reports.

The mine, called Ghaghoo, is located in Botswana’s Central Kalahari Game Reserve.

Over the past two years, prices for the diamonds have fallen by more than 30 percent, according to Bloomberg.

The news agency says the London-based company plans to keep the mine closed “until profitability is more feasible.”

The diamond market has been negatively affected by relatively weak demand from India, along with oversupply, Bloomberg notes.

Read more at Bloomberg

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