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De Beers plans to stockpile unsold diamonds

De Beers plans to stockpile unsold diamonds after the world’s biggest producer responded to plunging prices by allowing its buyers to refuse to purchase all the stones they’re contracted to buy.

“We build up stocks of those because we are confident that over time the diamond price will increase and we will be able to sell that supply into the growing demand that we believe will come,” Chief Executive Officer Al Cook said at a briefing in Gaborone.

The industry had been one of the great winners of the global pandemic, as stuck-at-home shoppers turned to diamond jewelry and other luxury purchases. But as economies opened up, demand quickly cooled, leaving many in the trade holding excess stock, for which they’d paid too much.

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