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Ganga Júnior: current diamond situation “is not good in market terms”

The chairman of the board of directors of Endiama, a state-owned diamond company, said this Wednesday that the diamond market is not in a good phase because “prices have dropped substantially”.

: Endiama

José Ganga Júnior, who was speaking on the sidelines of the signing of an agreement between Endiama and the workers' union, said that the targets for this year point to around 10 million carats.

"We are working, we think we will meet [the targets], unfortunately, at the moment, the diamond situation is not good in terms of the market, we have been working, no company has stopped yet, but we have companies that have been there for about three months without selling their productions, because the demand for diamonds has effectively dropped", said the Chairman of Endiama.

According to José Ganga Júnior, prices have dropped substantially and companies are facing different situations, with some "which have already had a reduction".

"And comparing the first half of 2022 with this first half, which ended last June, 2023, there are even companies that had price reductions of around 49 percent. The lowest level is around 12 percent , 20 percent, 30 percent is the price degradation index", he added.

These values are "effectively a lot" for companies, he said, arguing that with resilience it will be possible to "overcome this situation".


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