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A Star Is Platinum Born
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Market Comment - May. 02, 2024
Market shaken by reports that De Beers is up for sale. Deal could lead to restructuring of diamond trade amid ongoing pressure from synthetics, sanctions and weak Chinese demand.
Anglo American rejects $39B bid from BHP.
De Beers reduces 2024 production plan by about 10% to 26M-29M cts.
Market slower than usual for this time of year. Slow polished sales lead to sluggish rough demand ahead of De Beers sight.
Short working week due to holidays.
Luk Fook FY4Q retail sales +5% YOY, but China diamond sales down more than 40%.
Mountain Province 1Q sales -31% YOY to $66M, average price -29% to $70/ct.