De Beers Slashes Diamond Production Forecasts
- The global diamond industry has been shut down by pandemic
- Anglo cuts coal, iron ore and platinum production targets
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Anglo American Plc will mine significantly fewer diamonds this year than it previously planned to, as the biggest supplier of the gems contends with a complete shutdown of the global supply chain.
The coronavirus pandemic has crippled the diamond trade. India’s cutting industry, which handles almost all of the world’s stones, has come to a halt. At the same time, diamond purchases in the key U.S. market have tumbled as retailers closed stores. Botswana, where Anglo’s De Beers unit sells its stones, has also blocked travelers from the key diamond-buying centers.