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Diamonds meet crypto

A cursory glance at recent results posted by the world’s largest diamond miners makes for grisly reading. At De Beers, total revenue for the first six months of 2020 fell 54% compared with the same period last year, while Russia’s Alrosa posted an 82% year-on-year drop in revenue in the second quarter. Miners have – on the whole – weathered the COVID-19 storm relatively well, but the diamond sector has not been so lucky.

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It has not come as a surprise. The pandemic was pretty much a nightmare scenario for diamond companies; demand is tied to macroeconomic growth, and a lack of weddings has not helped.

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