Diamond exports could top P22 billion in 2010
The country’s diamond exports could top P22.35 billion for the year, representing a seven-and-a-half percent increase on the 2008 figure even though derived from lower annual production, analysts have said.
Yesterday, Capital Securities researchers said the value of diamond exports up to August 2010 were 72 percent of the 2008 total, which is used as a baseline instead of 2009 whose statistics were warped by the recession.
At current trends, Capital Securities expects this year’s exports to eclipse the P20.7 billion for 2008. “Our unofficial forecast that diamond exports will top those of 2008 by at least 7.5 percent is more than supported by industry forecasts of a 10 percent increase,” one researcher said.
“This would firmly re-position diamond revenues as the backbone of [continue reading]