Black diamond equipment prices jump by 50% as the global supply chains start to grind to a halt
By Alex EllingworthPublished September 29, 2018 07:17:30It seems like a good thing that we’ve got a decent supply chain going.
The Black Diamonds, one of the most popular diamond companies, is going out of business, and with it, a lot of people’s dreams of owning a diamond.
Black Diamonds chief executive officer Michael Lomax told CNBC that he expects the supply chain for the black diamond to be in shambles.
Black diamond production is already going to be cut down from 10 million tonnes per year to around 4 million tonnes this year, and as the demand for diamonds continues to increase, Black Diamond is expecting its diamonds to be replaced by more exotic stones, according to a CNBC report.
The company said that demand for the company’s diamonds is currently on the rise, and that the price of diamonds has dropped over the last decade, falling from around $15,000 per carat to $10,000.
Black Diamond said it expects demand for its diamonds will drop to $6,000 or less this year.
The supply chain also is going through major disruption as the industry struggles with climate change, which means a lot more black diamonds will be produced, according the report.
BlackDiamonds is expected to be the world’s top-selling diamond company by 2020, and Lomace told CNBC the company is working to get its supply chain back on track.