24 Oct 2002 - 12:00
Commenting on the last DeBeers sight and the situation on the diamond market IDMA President Maxim Shkadov pointed out that DeBeers’ position slightly bewilders the market players. Right now nobody can state diamond market stabilization. Stocks overloaded with the expensive rough, low demand on polished goods and decreasing prices depress companies killing any profitability. To make the situation stable in such conditions it is necessary to limit the flow of the rough onto the market instead of announcing the 750-million sight. In fact it looks as the final attempt to get cash from the market to justify themselves in the eyes of the shareholders. But the year is not over yet and the process of stabilization will take at least 6 months. Wouldn’t it be better to reveal the real situation on the market instead of giving victorious reports about the illusory one?