Three sources said in an interview with Bloomberg that De Beers De Beers parent company Anglo American PLC (AAL.L) Anglo American will cut the price of the original stone by 7%, and the first diamonds are expected to have sales of US$450 million.
According to British industry body Diamond Consultants, diamond prices have fallen by 18% in 2015.
The demand for global diamond products is mainly due to the weakening demand of Chinese consumers for products. Tiffany & Co. (NYSE:TIF), the preferred choice for middle class marriages, has not been spared. Before Tuesday's trading, the US jeweler announced its holiday season results, the company's holiday season sales showed a 6% year-on-year decline, the group immediately lowered its full-year profit forecast and announced layoffs. Tiffany & Co. Tiffany & Co. in Europe, America, and Asia are all in a state of weakness, and this is due to the weakening of Chinese consumers' demand. The consumption of Chinese consumers in Europe, the United States, and Japan has shown a sharp decline in growth at the end of the year. The Chinese economy suffered a stagnation in 2015, and the stock market turmoil is a big blow to retail investors who are willing to invest in the open market.
De Beers De Beers has cut production three times in 2015, from the initial 34 million carats to 29 million carats, and this year the company expects to produce 26 million carats - 28 million carats, lower than 2015. De Beers De Beers said in December 2015 that the global rough market has shrunk by 2%, and Philippe Mellier pointed out that the diamond industry is currently experiencing an “inventory crisisâ€.
Due to weak demand, the diamond industry has been laying off employees since last year. Tiffany & Co. Tiffany also said in the earnings report that it will lay off employees, although to disclose specific details, De Beers De Beers is expected to lay off staff in Canada, South Africa and subsidiary Element Six 1,500 people, De Beers De Beers parent company Anglo American PLC Anglo American Group hopes to reduce the number of employees from 135,000 to 50,000 through restructuring, and layoffs of 60%.
Panmure Gordon & Co. expects the current diamond price to still have 5% of the downside, which will not stabilize until the second quarter.
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