Botswana mining industry players speak on speculative exploration licences

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Today

Design is the key to all markets

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De Beers ups diamond sales as rough demand stabilises

09 april 2019

de_beers_logo.pngDe Beers, which is 85 percent-owned by Anglo American, said there was a continuation of stable demand for its rough diamonds during the third cycle of 2019, which raked in $575 million compared with $524 million, a year earlier.
The group earned $496 million from the second cycle of 2019. 
Low demand for low-quality goods forced De Beers to reduce prices at its ninth rough sale in 2018 by about 10 percent. 
It also took an unordinary step last September of allowing its customers to refuse to buy some lower-quality stones. 
The group last had major price cuts in early 2016 amid a credit crunch across the industry and weak demand in China. 
De Beers was planning to reduce rough supply for the rest of 2019 as it cuts production and fulfills its commitments to support local manufacturing in Africa, according to Rapaport.
Its production was expected to drop as the Victor mine in Canada shuts down and the Venetia operation in South Africa moves from open-pit to underground mining.
De Beers produced 35.3 million carats in 2018 compared to 33,5 million carats produced in 2017.
It projected output of 31 million to 33 million carats this year.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished