The economic fallout that followed the near collapse of the global financial system in the fourth quarter of 2008 shaped the company externally and internally by the proactive measures it took across the group to ensure that it adapted to changing circumstances. De Beers chairperson Nicky Oppenheimer comments in the report that total sales in 2009 of $3,84-billion were well below the 2008 figures of $6,89-billion. Likewise, earnings before interest, tax, depreciation and amortisation of $654-million were well below the 2008 figure of $1,22-billion. "Such a dramatic drop in revenues would, in any other year, be a cause for alarm. In 2009, however, it serves as a testament to the adaptability of our business, the resilience of our partnerships and the resourcefulness and diligence of our employees at a time of great insecurity," he says.
Diamond producers were particularly hard-hit by the economic crisis. The sudden drop in consumer demand in the fourth quarter of 2008, in established markets, fed back into an already highly leveraged cutting and polishing pipeline, burdened by significant inventories and a drying up of liquidity.
