Russian diamond threat to De Beers
The company, which controls the sale of more than 80 per cent of the world's rough diamonds, said the amount of Russian stones on the market had undermined confidence in cutting centres.
De Beers said that because it had cut back the amount of diamonds it was offering to the market in an attempt to stabilise supply, sales in the second half were likely to be 'well below' those in the first. .
Despite stronger diamond sales in the first six months, De Beers' profits slipped by about 3.4 per cent. Combined net attributable earnings at South African De Beers Consolidated Mines and De Beers Centenary, its Swiss-based offshore arm, fell to dollars 341m (dollars 353m).
Higher tax charges, up dollars 15m at dollars 101m, and a weaker rand contributed. Pre-tax profits were just up on last year at dollars 447m (dollars 444m).
Earnings from the diamond account and investment income were both up, rising dollars 20m to dollars 393 and dollars 12m to dollars 123m respectively.
Interest income fell from dollars 33m to dollars 29m, prospecting and research costs rose from dollars 37m to dollars 52m and interest on higher borrowings was up from dollars 30m to pounds 44m. Strong first- half sales helped cut diamond stocks by dollars 95m to just under dollars 4.03bn.
- 1 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 2 PornHub turns masturbation into energy in bid to save the planet
- 3 Dakota Johnson's 'It's only Isis' Saturday Night Live sketch sparks controversy
- 4 Robert Mugabe eats a zoo for 'obscene' 91st birthday party
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
End of the licence fee: BBC to back radical overhaul of how Corporation is funded
Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
Someone has actually got a tattoo of that dress
PornHub turns masturbation into energy in bid to save the planet
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...