Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Net imports of both rough and polished diamonds to the United States plunged 91% year-on-year in August to $25 million.
Rapaport reports that most of the decline in the net diamond account for the month of August is due to a dive in polished diamonds imports of 22% year-on-year, grossly outpacing an exports fall of 8%.
Net imports of polished diamonds fell to $5 million compared to $258 million during the same period last year.
While imports of polished diamonds fell precipitously in August, the trade in rough diamonds saw vigorous growth, with imports and exporting surging 29% and 43% respectively.
Rough diamonds nonetheless account for a only tiny percentage of the United States’ total diamond trade, with imports and exports of rough diamonds both standing at $20 million each.
