De Beers Group has amassed its biggest stockpile of diamonds since the 2008 financial crisis, laying bare the group’s challenge in reviving demand for jewels long seen as the pinnacle of luxury.
A slump in Chinese demand, intensifying competition from lab-grown alternatives and the legacy of pandemic lockdowns, when the number of marriages fell, has left the world’s biggest diamond producer by revenue with inventory worth about $2bn.
The scale of the stockpile, which has not been previously reported, has hovered around the $2bn mark for much of the year, according to the company.
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