Morning Bites (part 2)
 
💎De Beers has again cut its 2024 production guidance 10%, to 23-26mnct, amid still elevated midstream inventories and operational constraints at some assets, per a company press-release. In April the company already revised down its outlook to 26-29mnct (vs. 29-32 expected earlier). Hence, De Beers diamond production (historically ~30% of global supply) is set to decrease 20-30% YoY

In our view, the decision is in-line with De Beers’ price-over-volume strategy, and is positive for diamond sector sentiment, which still remains stressed

#diamonds 
https://metals-wire.com/sector/Diamonds