Zimbabwe Diamond Miner Expects Demand Bounce After Virus Turmoil
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Zimbabwe’s second-largest diamond miner sees demand picking up, after the coronavirus pandemic forced RioZim Ltd. to halt sales in March amid slumping gem prices.
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With jewelry stores closed, cutters and polishers stuck at home and global travel at a standstill, the diamond industry ground to a halt over the past six months. While De Beers, the No. 1 producer, decided to cut the price of its diamonds this week in a bid to spark sales, RioZim said consumer demand for polished stones is already recovering.
“It has in fact picked up with a vengeance in some parts of the world,” Wilson Gwatiringa, a spokesman for RioZim, said by email. “As a result, we expect an imminent bounce back in the demand for rough diamonds.”
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