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Rio Tinto Sees Rough Price Decline by mid-2016

Dec 3, 2015 4:12 AM   By Rapaport News
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RAPAPORT... Rio Tinto expects rough diamond prices to decline by the middle of next year, Jean-Marc Lieberherr, managing director of the company’s diamond unit told Bloomberg Television.

“There is a need for the rough prices to adjust to the economic value of the polished price and that trend is in motion at the moment,” Lieberherr said in an interview broadcast Wednesday. There’s a disconnect between prices for rough diamonds and polished ones, he said.

The executive said a “logjam” of diamonds held by the industry’s midstream -- traders, cutters and polishers -- will clear by the middle of next year as rough prices decline.

 “The polished pipeline is a little bit overloaded and it will probably take until about the middle of next year to come back to normal levels,” Lieberherr said. “The last 12 to 18 months have been tough for the industry.”

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Tags: Bloomberg, Jean-Marc Lieberherr, Rapaport News, Rio Tinto
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