The diamond industry has faced multiple challenges leading to a notable shift in its landscape over the last few years, says personal liability company BDO South Africa. Natural resources partner at the firm, Jacques Barradas, says the industry is in the midst of transformation that demands careful analysis and strategic foresight, following a 15% to 18% fall in diamond prices over the last year and lower volumes at market tenders.
The diamond industry has faced multiple challenges leading to a notable shift in its landscape over the last few years, says personal liability company BDO South Africa., says the industry is in the midst of transformation that demands careful analysis and strategic foresight, following a 15% to 18% fall in diamond prices over the last year and lower volumes at market tenders.
Adding to this dilemma is an increase in diamond supply, coinciding with a contracting market. Notably, synthetic diamonds have contributed significantly to the volumes posing a considerable challenge. In the face of these challenges, the diamond industry is undergoing a fundamental transformation. Mining companies are re-evaluating their operational strategies to remain competitive in a low-price environment.
As more mines delve underground, the scarcity of resources and increased operational complexities could drive prices upward. However, this prospect hinges on the behaviour of diamond resources as mining goes deeper, BDO states. In cases where ongoing mining proves unviable, the spectre of large traditional mines closing looms, potentially leading to substantial impacts on local communities and economies.
The experts aver that the diamond industry finds itself at a crossroads, grappling with a complex web of market dynamics and external pressures.
France Dernières Nouvelles, France Actualités
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