Diamond glut worsens, Anglo American sales dip 25 per cent

(deccanchronicle.com) - De Beers's diamond sales plunged to the lowest since 2017 in the company's latest offering, underlining a slump in the industry worldwide. Sales by the Anglo American Plc unit dropped 25 per cent from a year ago to $415 million, and were down 29 per cent from an offering last month. It's often a quieter time of the year because the industry has already restocked after the key holiday period, but total sales so far in 2019 are still much weaker than in previous years. De Beers's diamond sales plunged to the lowest since 2017 in the company's latest offering, underlining a slump in the industry worldwide. Diamond miners are struggling across the board, especially those producing cheaper and smaller gems where there is too much supply.