De Beers Hikes Price of Smaller Goods as Sanctions hit Alrosa
June 07, 22
(IDEX Online) - De Beers has reportedly raised the price of smaller goods, which have been in scarce supply since sanctions against Russian miner Alrosa began to bite.
Sources have told Bloomberg News that prices are up by five to seven per cent at Sight 5, which opened yesterday in Gaborone, Botswana.
Alrosa normally supplies a large proportion of rough cluster diamonds below 0.30-cts used by manufacturers in Surat.
India's cutting and polishing hub has been buying in lab growns as a boycott of Russian goods leaves a gaping hole in the market.
Despite the price increases, demand for smaller goods - not a De Beers' staple - is said to be strong.
Generic pic shows small, polished diamonds.