South Africa's De Beers Consolidated Mines, which controls an average 10% of the world diamond market through its London-based Central Selling Organization, is raising its diamond prices 80%. Rough diamonds were already trading at a premium over De Beers' own quotes on the open market, especially in the Far East. In Japan, the second biggest diamond-jewelry market after the US, appreciation of the yen reduced diamonds' cost. Per-carat prices of D-flawless diamonds have risen to $14,800 from $12,000 since the beginning of the year. De Beers revived diamond trade from an early-80s slump through an aggressive marketing campaign and withholding stocks.
South Africa's De Beers Consolidated Mines, which controls 80% of the world diamond market through its London-based Central Selling Organization, is raising its diamond prices an average 10%. Rough diamonds were already trading at a premium over De Beers' own quotes on the open market, especially in the Far East. In Japan, the second biggest diamond-jewelry market after the US, appreciation of the yen reduced diamonds' cost. Per-carat prices of D-flawless diamonds have risen to $14,800 from $12,000 since the beginning of the year. De Beers revived diamond trade from an early-80s slump through an aggressive marketing campaign and withholding stocks.