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Grib Diamonds sales remain flat

15 march 2019

Grib Diamonds, a diamond marketing company, saw little difference in rough sales in 2018 yielding $300 million due to lower demand for smaller stones, says Rapaport.  
Antony Dear, head of Grib Diamonds, was quoted by the agency as saying that the prices for smaller stones were affected by weaker demand in the sector.
‘‘Grib Diamonds rough is concentrated by value in the smaller end, which was under pressure from mid-2018. Our prices reflect this, and were overall down on a like-for-like basis, [by] high single digits,’’ he said. 
According to the report, production from the Grib diamond mine was up by 14%, to nearly 5 million carats in 2018 against 4,4 million carats in the previous year.  

Image credit: Grib Diamonds

Grib Diamonds’ sales correspond to its production, however, the company did not disclose precise data. 
It said that the demand for melee, stones above 1 carat and large fancy diamonds remained strong. 
In 2019, it is planned to boost production of large stones and specials (over 10.8 ct) by investing in new technology enabling to unearth large stones without damaging them along with the implementation of new strategies to rise output. 
The Grib diamond pipe in the Arkhangelsk Region of Russia developed by AGD Diamonds is one of the biggest diamond deposits. It was reported earlier that in September last year the miner consolidated a 100-percent stake in Grib Diamonds N. V.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg