| The China-fueled commodity slump that has torn through the world's biggest raw-materials markets from iron ore to copper is now hitting the diamond industry. That's bad news for Anglo American. Cooling demand for diamond jewellery in China, the biggest market after the US, is the latest sign that the country's slowdown isn't only a problem for industrial commodities.
At the same time, customers of Anglo American's De Beers unit, who trade, cut and polish the stones, say the producer is demanding more for the gems than many in the industry say they can afford to pay. "It is a catastrophe," said Guy Harari, co-founder of rough-diamond trading platform Bluedax. "De Beers is saying it's business as usual; it's not business as usual. The market is much weaker than what De Beers tries to show the world."..............................................Full Article: Source
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