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De Beers cuts prices for Australia

DIAMOND dealers De Beers Centenary slashed prices on diamonds bought from Australia by 10 per cent. The price reduction affected poor quality, cheap “near-gem” and industrial diamonds that were mainly produced by the Argyle mine in WA’s north, reports said. Argyle then produced 43 million carats of diamonds a year, which was about 40 per cent of global supplies. Following the price cut, shares in Ashton Mining, which held a 40 per cent stake in Argyle, slumped 19 per cent.

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