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This is an archive article published on September 19, 2011
Rough diamond demand growth to hit record this yr: DeBeers
Diamond producer De Beers expects global demand growth for rough diamonds to set a new record this year on the exceptionally strong performance of its key U.S. market and robust demand in China and India,the head of the company's distribution arm said.
Diamond producer De Beers expects global demand growth for rough diamonds to set a new record this year on the exceptionally strong performance of its key U.S. market and robust demand in China and India,the head of the company8217;s distribution arm said.
Despite global volatility and concerns that the global economy is sliding towards another financial crisis,demand for diamonds was unlikely to be badly impacted because of its safe-haven appeal,Diamond Trading Co DTC Chief Executive Varda Shine said in an interview on Monday.
Taking the United States,China and India,and the Gulf,which is growing very nicely,we believe this year8217;s demand is going to grow by probably the highest number since we started recording,Shine said during a three day visit to Hong Kong,without giving a specific forecast.
The diamond miner,which controls about 40 percent of the market for rough or unpolished diamonds,forecast growth for the U.S. market at about 8-9 percent for the full year,exceeding a previous forecast of 7 percent.
De Beers is 45 percent owned by mining group Anglo American Plc ,40 percent by South Africa8217;s Oppenheimer family and 15 percent by the Botswana government.
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