Diamond world takes radical steps to stop price plunge

News Snapshot:

The industry was one of the great winners of the pandemic, as stuck-at-home shoppers turned to diamond jewellery and other luxury purchases. But as economies opened up, demand quickly cooled, leaving many in the trade holding too much stock that they’d bought for too much money. What looked like a cooldown quickly turned into a plunge. The US economy, by far the industry’s most important market, wobbled under rising inflationary pressure, while key growth market China was hit by a real estate crisis that sapped consumer confidence. To make things worse, the insurgent lab-grown diamond industry started making major gains...