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Polished prices seen stabilising says De Beers

16 october 2012

De Beers said that the diamond market has to some extent stabilised after going through rough times for the better part of the year.
Continued volatility in the global economy, lower levels of polished demand and tight liquidity had exerted a downward pressure on prices of polished and rough diamonds.
Head of Downstream Communications for De Beers Group, Nigel Simson, told Rough & Polished that the industry was expected to see overall growth on last year.
“We believe that the industry will see overall growth on last year and while not all of the goods sold at this Sight will translate into actual polished for the season, Sightholders need to continue to run their businesses and buy rough to keep a steady flow of goods through manufacturing,” he said.
Meanwhile, Simson said De Beers had over the last few months reduced production against its forecasts in response to market demand.
“This means that in some cases we will not be able to fully meet the levels of supply to our Sightholders that we indicated in the early part of this year,” he said.
“However, our projections for the medium to long term continue to indicate that demand will outstrip supply and that consumer demand from China, India as well as the U.S will continue to drive the diamond business forward.”

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