De Beers sparkles on higher sales
Cahal Milmo is the chief reporter of The Independent and has been with the paper since 2000. He was born in London and previously worked at the Press Association news agency. He has reported on assignment at home and abroad, including Rwanda, Sudan and Burkina Faso, the phone hacking scandal and the London Olympics. In his spare time he is a keen runner and cyclist, and keeps an allotment.
Wednesday 27 July 2011
De Beers, one of the world's largest diamond producers, posted a 55 per cent jump in first-half earnings to $1.2bn (£732m) on the back of record sales and an unprecedented jump in prices, driven by China, India and unexpectedly strong demand from the US.
The miner, which is controlled by Anglo American and the Oppenheimer family, said sales of rough diamonds were up 33 per cent at $3.5bn, a first-half record. Rough diamond prices have been boosted by a dearth of new mines, low inventories at cutting centres and increasing demand.
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