The De Beers syndicate raised rough diamond prices 5% last Friday. Source: "The price hike will erode our profit."
All rough diamond suppliers, including Lev Leviev, are raising prices in line with De Beers Diamond Trading Company (De Beers), a diamond merchant who buys rough diamonds from De Beers told "Globes" today. The De Beers syndicate raised rough diamond prices 5% last Friday.
The merchant said, "Everyone is adjusting to market prices: distributors from Russia, Canada, Congo and [Lev] Leviev. The price hike is reasonable, but we regret it, because it comes just before the Christmas season. The price hike will erode our profits."
A major rough diamond importer said he was also raising his prices for the rough diamonds he sells to diamond merchants on the Ramat Gan Diamond Exchange. He said the main problem with the price hike was its timing. "By the time diamond merchants cut the rough diamonds, the Christmas shopping season will have passed and they'll be stuck with expensive goods after the holiday," he said.
A Leviev group spokesman said in response that the company did not comment on diamond prices.
Published by Globes [online] - www.globes.co.il - on August 17, 2004