(ZEROHEDGE) – A surge in lab-grown diamonds flooding the market, coupled with a decline in luxury spending, has forced Russian mining giant Alrosa PJSC to temporarily suspend rough diamond sales to prevent prices from crashing further.
Bloomberg obtained a memo from Alrosa addressed to its customers, explaining rough diamond sales for September and October have been suspended as the company "strives to reverse the existing trend of diminishing demand."
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Diamonds, watches, and other jewelry soared during the pandemic and peaked in the first half of 2022. We have covered the Rolex boom and bust extensively and have turned our attention to crashing diamond prices in 2023.