De Beers rough diamond sales plunge 13%
Thursday 07 January 1993
However, the drop in sales for the second half, also 13 per cent, was slightly better than market expectations and helped De Beers shares to rise 68p to pounds 12.37.
The group's Central Selling Organisation, the London-based body that markets 80 per cent of the world's diamonds, said it had maintained its traditional role of balancing supply and demand by keeping gems from the market. This had kept diamond prices firm and cutting-centre stocks and bank borrowings at reasonable levels.
World retail sales of diamond jewellery held up in 1992 and are expected to be in line with 1991 sales in dollar terms, the CSO said. Early signs from pre-Christmas sales were ahead of last year in the US but behind in Japan. 'Everything is a function of retail sales and the world economy in 1993,' a De Beers spokesman said.
In 1992, illicit diamond smuggling from Angola and recession hurt De Beers, prompting its pessimistic assessment of prospects in August. The company had to cut purchases from producers by 25 per cent in September.
Steve Oke of Smith New Court said its prospects could improve in 1993 with the unfortunate resumption of fighting in Angola and if the diamond industry builds stocks. Vincent Tattersall of the brokers James Capel forecast 1993 diamond sales at dollars 3.8bn.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...