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De Beers to raise rough diamond prices 5%.
(From Israel Business Arena)
Byline: Hadas Manor
De Beers Diamond Trading Company (De Beers) announced yesterday that it would raise its prices for rough diamonds at the next sight by 5%. The price hike will probably have an adverse effect on Israel's diamond industry.
Israel Diamond Manufacturers Association (IsDMA) chairman Moti Ganz told "Globes" that De Beers' price hike would cause losses to diamond merchants until prices for polished diamonds could be raised in 2-3 months, and even force some diamond merchants out of business altogether.
Industry sources believe that Israeli diamond merchants are liable to be stuck with inventories …
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