Market analysts assembled by Creamer Media's Mining Weekly say that the rough diamond market is a lull phase, noting that prices for the stones have dropped in recent months, reflecting a loss of 15% in value since the start of the calendar year, and that sales have dropped, Israelidiamond.co.il reported.
RBC Capital Markets analyst Des Kilalea noted the De Beers' Diamond Trading Company achieved only 90% of its projected sales in the first six months of the year. Kilalea also stated that China's unimpressive economic outlook is negatively affecting the rough diamond market.
BMO Capital Market analyst Edward Sterck affirmed this last sentiment and also noted that the European continent's banking sector crisis was having negative implications for the diamond industry that were not adequately understood at the outset. Sterck predicted that rough diamond prices would remain at their current rates until the end of December, then rebound only 3% in 2013.
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