From Abe Mor Diamonds, Diamond District keeps diamond traders in tune with our rapidly shifting industry.
This Month’s Top Stories
Within the next few years, Australia’s largest diamond mine, Argyle Diamonds, will run dry. Its closure will reduce world production by 10%, thus maintaining high prices and encouraging new exploration. (Business Insider)
Set in “the unscrupulous, fast-paced world of the New York City Diamond District,” the new film “Uncut Gyms” will feature megastars Adam Sandler and Martin Scorsese. Here’s hoping the coverage is far more favorable for our industry than Leo’s “Blood Diamonds.” (Silver Screen Beat)
If you’re at the wholesale end of the diamond business and hold a line of credit with a bank, you can expect much tighter terms. That’s thanks to a yearslong trend fueled most recently by the bankruptcy filing of Firestar Diamond Inc., which is controlled by Nirav Modi, “a billionaire accused of masterminding India’s biggest bank fraud.” (Bloomberg)
We often reference falling prices for synthetic diamonds, and noted analyst Paul Zimnisky confirms that trend. As synthetics become even cheaper with growing supply, I expect low-end natural diamond sales to take a hit. We’ll continue to cover this potentially consequential trend. (Mining Weekly)