Owners and masters of diamonds are losing control over diamond business.

Two marketing giants in the world of diamonds are now loosing contract, profits and customers because of the less demand and interest in the new prices for the diamonds since the covid-19 outbreak took it toll on the market affecting the overall profits in all businesses.

According to Bloomberg, the two strong holders in the diamond world has now loosed some control over the sales as purchases have declined drastically. 

De Beers and Alrosa are the major companies in the industry and they have been loosing contract and deals as their customers say that they cannot cope with the terms of the new deal as concessions has been made to their normal sale rule which made customers to go back on their word.

With Jewelry stores closed,precious stone cutters and polishers stuck at home because of the covid-19 lockdown dealers are not likely to hit profits this period. 

Big diamond miners are refusing to bulge increase prices because they smaller competitors have are offering discounts for customers who patronize them.

Anish Aggawarl who is a partner at specialist advisory fem Gemdax said that De Beer and Alrosa are sincerely trying to protect value. 

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