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Diamond Industry Teeters
The economy is teaching many a practical lesson: There are better ways to spend your money than on a new piece of bling. Across the country, well-established jewelry vendors are seeing fewer clients with money to burn come through the doors. Manhattan mega-jeweler Tiffany's said its profits dropped 75 percent in the fourth quarter. Overall, more than 1,000 jewelry retailers have been forced to close up shop nationwide. And the issue is not just domestic. The diamond mines where the jewels are extracted—places notorious for poor wages and inhuman working conditions—are also struggling. Botswana, a country dependent on its diamond mines for much of its economy, is hurting after four major De Beers mines were put on hold. In India, there have been reports of several suicides over the loss of jobs in the mines.
bezvodka
If there is anything vastly unimportant (except to Mrs. Madoff) in the country it is whether or not we need a lot of diamond sales.
kelly059
While besides the obvious loss of business and jobs resulting from decreasing demand here in America, bezvodka, I think the interesting point in this story happens to be the international implications.
aluxeterna
the sooner we can create big honkin diamonds in the lab for pennies, the sooner we'll make this world a marginally better place. That's not to say a scheming filthy blood-lusting company like De Beers won't come up with another reason to hack the limbs off of children in Africa, but at least there will be a spot of downtime as they go back to the drawing board.
Burn in hell, De Beers.
Thank you.
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