De Beers: Rough diamond demand to soar
Hong Kong - 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 US market
and robust demand in China and India, the head of the company's distribution
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 told Reuters in an interview on Monday.
"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
three day visit to Hong Kong, without giving a specific forecast.
The diamond miner, which controls about 40% of the market
for rough or unpolished diamonds, forecast growth for the US market at about 8%
- 9% for the full year, exceeding a previous forecast of 7%.
De Beers is 45% owned by mining group Anglo American
[JSE:AGL], 40% by South Africa's Oppenheimer family and 15% by the Botswana