Anglo American’s De Beers, the largest diamond producer by value, has been cutting its output due to sluggish demand. Sanctions-ridden Russian miner Alrosa, the world’s largest producer of rough diamonds by volume, stopped publishing sales data in early 2022, cut its output by 2.8% to 34.6 million carats last year.
The growing popularity and affordability of laboratory-grown diamonds (LGDs) are seen as the main contributors to the current challenges faced by the diamond market.
Unlike miners, companies tied to man-made stones have reported positive results. A case in point is Pandora, the world’s largest jewellery maker by production volume, which earlier this month raised its full-year revenue guidance after beating first quarter sales and profit forecasts.
The Danish…
