[miningmx.com] – THE diamond mining industry ought to cut the cost at which it sells rough diamonds to cutters and polishers in order to restore the profitability of the sector, said Reuters citing Martin Rapaport of Rapaport Group.
“The mining companies must urgently inject profitability into the diamond trade, by immediately reducing rough prices by 30% to 50%,” Rapaport said.
“The greatest threat to the diamond industry is that the mining companies will continue to ignore the needs of the trade. More and more cutters will stop cutting, diamond supply will plummet, more dealers and retailers will leave the industry, forever,” he said.
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