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Sparkling demand seen for diamonds
Source: Agencies |
September 20, 2011, Tuesday
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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 United States market and robust demand in China and India, the head of the company's distribution arm said.
Despite global volatility and concerns that the global economy is sliding toward another financial crisis, demand for diamonds was unlikely to be badly impacted because of its safe-haven appeal, Diamond Trading Co Chief Executive Varda Shine said in an interview yesterday.
"Taking the United States, China and India, and the Gulf, which is growing very nicely, we believe this year's demand is going to grow by probably the highest number since we started recording," Shine said during a 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 US 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 Africa's Oppenheimer family and 15 percent by the Botswana government.
While prices for rough diamonds softened in August after rising to well above 2008 pre-crisis levels in July, Shine said August was typically a quiet month due to the holiday period.
"Yes there is nervousness out there but I don't think diamonds are necessarily going to do badly out of that," the London-based Shine said.
Despite global volatility and concerns that the global economy is sliding toward another financial crisis, demand for diamonds was unlikely to be badly impacted because of its safe-haven appeal, Diamond Trading Co Chief Executive Varda Shine said in an interview yesterday.
"Taking the United States, China and India, and the Gulf, which is growing very nicely, we believe this year's demand is going to grow by probably the highest number since we started recording," Shine said during a 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 US 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 Africa's Oppenheimer family and 15 percent by the Botswana government.
While prices for rough diamonds softened in August after rising to well above 2008 pre-crisis levels in July, Shine said August was typically a quiet month due to the holiday period.
"Yes there is nervousness out there but I don't think diamonds are necessarily going to do badly out of that," the London-based Shine said.
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