A: DeBeers, the world's largest producer of diamonds such as worn here....
This article explains what has happened:
There are a couple of economics ideas you should keep in mind when reading. First, there are obvious effects here due to a high income elasticity of demand, remembering that income and thus demand, can fall as well as rise.Second, there has been increased competition from countries like Russia, Canada and Australia.
Remember as economists we don't take the side of a particular company but try to assess if changes in a market are good or bad for the economy, its efficiency and overall welfare.
Tell me what you think below....
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