The world's biggest rough diamond producer is scrambling to scale down its business as consumers cut their spending on luxury goods and diamond cutting houses struggle to finance their purchases of rough gems.
“We are going to significantly reduce production levels to align them with levels of demand,” Stephen Lussier, executive director for external and corporate affairs, said on the fringes of a mining conference in Cape Town. “There's no point digging a diamond out of the ground when you don't have a client ready to buy it.”
Mr Lussier refused to put a number on the cutbacks.
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