November 18, 2017

Good news for diamond exporting countries (for now)

This could be the news that leading diamond-exporting countries like Botswana have long been hankering for – global diamond sales are rebounding after last year’s slump, according to a statement from De Beers.

The diamond giant says at its third offering, consecutively, it recorded a consistent increase in sales of rough gems. Recently (in April) it sold $660 m, up from $617m previously and $545m in January.

At least, this trend has revived De Beers’ confidence in diamond sales, which have not been spared from China’s low appetite for commodities. On the turnaround in fortunes, Chief Executive Officer, Philippe Mellier, commented: “So far, 2016 has seen significantly stronger rough diamond demand than that experienced at the end of 2015.”

However, Mellier said De Beers was not carried away as a phase of the year where rough diamond demand has historically been lower as a result of seasonality was approaching. “We continue to adopt a prudent mind-set,” he added.

It would be interesting how matters will pan out as the second half of 2016 approaches.

Information credits: adopted for African Mining Brief Online from a report filed by Bloomberg News

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