In one year alone, sales of De Beers diamonds have fallen 39 per cent, according to a report in Bloomberg Press.
The diamond giant reported sales have slumped to $3.216 billion for 2019 from $4.41 billion in 2018.
The financial news outlet is calling the reduced diamond sales part of a “deepening crisis” as there is an over-supply of polished diamonds on the global market. Most diamond polishing and trading occurs in India, which has been hit with financial strife.
Every year, the company holds 10 diamond sale events in Botswana, the last few of which garnered less than $300 million in sales, an unusually low number for the auctions.
Bloomberg reports that in situations like these, De Beers is allowing buyers to refuse unwanted stones, usually sold in bundles, or to buy the stones back.
De Beers Group holds a 51 per cent stake in the Gahcho Kue mine, located 280 kilometres Northeast of Yellowknife. It is one of three diamond producing mines in the territory.