- De Beers, Debswana face cashflow challenges because of sharp decline in diamond sales
- Debswana slows down cash burn rate
- Demand for rough diamonds said to have dwindled.
- India placed import ban on rough diamonds in October and November 2023
- Debswana compelled to terminate, hold, and defer some contracts
- ODC suspended November diamond sales
Debswana Diamond Company is experiencing cashflow challenges because of a plummet in diamond sales, and this may result in deferment, termination, and suspension of some contractors.
De Beers CEO, Al Cook, said in the final sales cycle of 2023, the group continued to offer lower levels of rough diamond supply, in line with current demand.
“As the end-of-year holiday season progresses, we are seeing signs that the diamond industry is regaining its balance between wholesale supply and demand,” said Cook.
“Polished diamond prices
This content is locked
Login To Unlock The Content!