De Beers, the world’s biggest diamond producer, to cut output from 34 to 30 million carats this year as demand drops. Photograph: Reuters.

De Beers, the world’s biggest diamond producer, cut its output target for the year as demand for the gems weakens and prices fell for a second quarter(...)

Miners dig for diamons in Zimbabwe. As a compact, stable, and transferable store of value, diamonds offer enormous advantages to smugglers, money launderers, and tax evaders.

In the spring of 2005, Erez Daleyot, a Belgian-Israeli diamond tycoon with some dubious connections, paid a visit to his Swiss bankers at HSBC Private(...)