Diamond market suffer from Oversupply, price fall and lower demand

The diamond market has seen one of the worst market downturns in years. Diamond markets are being shut as lower demands puts their viability in serious doubt. At De Beers, the price of rough diamonds fell 15 percent in 2015, leading the company to close mines at Snap lake in Canada and Damtshaa in Botswana. Chow Tai Fook, China's biggest jewellery retailer, reported a 20 percent drop in demand for gem jewellery over its key Chinese new year period. The question is: Will 2016 bring better prospects?