Gemdax in the news

Diamonds’ Former Monopolist Bows to Market Forces to Spur Demand

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De Beers, the one-time world diamond monopoly, is bowing to market forces.
The Anglo American Plc unit, still producing about 30 percent of supply, is said to have lowered prices almost 10 percent last month, and is plowing tens of millions of dollars into an advertising push to spur jewelry sales. That’s after two reductions in its annual output target, by a total of as much as 15 percent, failed to halt an accelerating slump in prices of the uncut gems.

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Want to Make a Diamond in Just 10 Weeks? Use a Microwave

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The 2.62-carat diamond Calvin Mills bought his fiancée in November is a stunner. Pear-shaped and canary-yellow, the gem cost $22,000. A bargain. Mills, the chief executive officer of CMC Technology Consulting in Baton Rouge, La., says he could have spent tens of thousands more on a comparably sized diamond mined out of the earth, but his came from a lab. “I got more diamond for less money,” says the former Southern University football player, who proposed last year at halftime during one of his alma mater’s games at the Superdome in New Orleans.

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