Diamonds had been sold in the U.S. for more than 30 years before a few thousand were taken out of the country in the late 1960s.
Now the jewelry industry in the country is in the throes of a price correction, as the industry is struggling to keep up with demand and keep up its profit margins.
The Diamond Medical Equipment Company (DME), a leading producer of diamonds in the United States, announced on Monday that it will cease sales of diamonds to the U,S.
The company is the first to announce that it’s shutting down operations.
In an interview with CNNMoney, John Ellinger, DME’s CEO, said, “We’ve had a hard time selling this to the American market.”
The company also said that its sales of diamond medical instruments are dropping and that its production capacity has declined.
“We believe that our business is not sustainable,” Ellingers said.
Ellingerr added that he would be able to “reinvest in the business” and return to the industry if he is given an opportunity.
He said the company had already made “millions of dollars” from the business, but that “we need to make that investment now.”
Diamonds and medical devices have become a big part of the U.,S.
economy, as they are used in surgical equipment, jewelry and medical implants.
But in recent years, demand for diamonds has slowed, as well as the quality of the diamonds themselves.
Demand for diamonds peaked in the 1980s and has continued to decline, according to the International Federation of the Phonetic Industry.
The IFPI says the world’s demand for jewelry is now at an all-time low of just 2.5 million tonnes a year, with just 0.3 percent of the world population buying jewelry.
“Demand for diamond jewelry is decreasing, but demand for diamond medical devices is growing rapidly,” said IFPIC President Tom Peltier.
“These are both high-value and high-quality products.
The demand for these products is expected to remain at this level for the foreseeable future.”
And while there has been a surge in demand for medical equipment in recent decades, demand has not always been high.
Demand peaked in 2006, but it has since dropped, according the IFPIA.
The industry has been struggling to stay competitive in the years since.
But even though demand for the medical devices has declined, Ellingner said the industry has not fully recovered.
“Diamonds have been used for so many different things,” he said.
“It’s not uncommon for them to be used for surgery, it’s very common for them for medical implants and medical jewelry.
It’s very difficult to come up with a product that will satisfy the demand.”
The industry is also facing new competition from China, the world largest producer of the gemstones.
According to IFPi, the industry faces an “unprecedented” supply and demand crisis, and is now facing “an unprecedented supply and supply shortage.”
In a statement, the company said, “[China] has made tremendous efforts to develop the diamond industry in China and the diamond supply chain is now under unprecedented stress.”
The companies statement said, China’s production of diamond products is now being constrained by an unprecedented supply of raw materials and labor.
“Our goal is to provide diamond products that are not only affordable to our customers but are also high-end,” Ellerers statement read.
“In 2019, we expect to be operating at our peak capacity of approximately 250,000 diamonds per year.”