Diamond Market To Normalise End-2010

source: Mmegi

De Beers expects to see the diamond market returning to normal business towards the end of this year, with sales of rough diamonds improving markedly at the start of this year, said De Beers MD Gareth Penny.

Admittedly, a year-on-year sales comparison would be coming off a very low base when the diamond market was going through one of its toughest periods in decades. The global economic slump curtailed demand for luxury goods in the Western markets and financing dried up.

Diamond production by the De Beers group dropped 49% to 24.6m carats during 2009, while the value of diamond sales by marketing the Diamond Trading Company (DTC) fell 46 percent to $3.23bn.

“We see the business returning to normalisation towards the end of this year or early next year,” Penny said on the World At Six, a week-nightly business radio programme.

“It’s not to say we’ll be back to full production but we [continue reading]

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