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The Diamond Market Crashes

The diamond market has crashed. Recession plagued wholesalers and retailers in the US, which account for half of world demand, are glutted with stagnant inventory, and have watched helplessly as prices dropped a third from the 2007 peak. De Beers has shuttered its Botswana mine, which supplied a quarter of the world’s rough sparklers. Diamonds account for a third of the African country’s GDP and 80% of its foreign exchange income, and now Standard and Poor’s is threatening a sovereign ratings downgrade. Was there ever a better time to drop down on one knee and make that marriage proposal?