Price impact from Zimbabwe's 900,000 carat sale 8/11/10

[LegacyJoe]

I'm not sure if these should be called blood diamonds or not, however it does seem like a large supply of diamonds to hit the market.

Basic economics tells me that with increased supply, there should be a corresponding reduction in price. When do you think this will occur, if at all?

 

[diagem]

Not to worry..., PS'ers will eat this quantity in no time .

Based on the average price pc, around $70. I wonder what % of the batch is
deemed for jewels?

 

[denverappraiser]

The worldwide diamond production is at about 150m carats per year, nearly all of that industrial grade. 900k is roughly 2 days worth and this too is nearly all industrial goods. This is barely a blip on the radar. I think this is an example of the news people and the blogosphere trying to make a story where none really exists.

 

[diagem]

"...I think this is an example of the news people and the blogosphere trying to make a story where none really exists."