Market prices for diamonds are in a long, slow, five-year decline and it's causing havoc for diamond producers.
Petra Diamonds reported a 10% sales drop in the first half of the year to $425 million today, while luxury brand De Beers saw a 23% collapse in profits to $360 million last week.
The diamond price is to blame, driven by falling demand in, you guessed it, China. Diamond prices have dropped about 12% over the last five years.
Read more... http://www.businessinsider.com/the-price-of-diamonds-is-collapsing-2015-7?r=UK&IR=T
