RE: RE: RE: RE: RE: RE: What a selloffDr. Bristow said he believed the current feeling among diamond producers and sellers is more positive than it was. Retail sales are showing the slightest improvements and meanwhile, every single diamond producer has cut production for one reason or another. De Beers is leading the way in curtailing the supply of rough gems, as nearly all its mines are currently closed or on a production hiatus.
Further, the big Russian gem miner, Alrosa, is not selling its production. As well, Rio Tinto has its Argyle mine on a three-month stoppage, and although Diavik is still running, it is now mining a lower-grade pipe that is cutting production by about 20 per cent from its 2007 peak. Most of the lesser producers are also contributing to the dwindling supply through indefinite closures or extended holiday breaks