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De Beers banks on US for sales rebound

De Beers has cut its 2015 production due to weak sales
De Beers has cut its 2015 production due to weak sales

De Beers, one of the world’s largest producers of rough diamonds, says it is pinning hopes on the US Christmas period for the recovery of diamond sales.

The company recently lowered its full-year production guidance to between 29 million carats and 31 million carats from its previous forecast of between 30 million and 32 million carats due to projected weak sales.

Bruce Cleaver, De Beers head of strategic development told Mmegi Business in a teleconference on Friday that consumer demand for diamonds is likely to increase due to the US Christmas season which usually begins from late November.

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Editor's Comment
Celebrate responsibly, put safety first this holiday

“Safety first is safety always”– Charles M HayesAs most people begin travelling across the country to spend the President’s Holidays with family and friends, there is every reason to embrace the joy and togetherness that this period brings.While holiday periods bring joy, they are sadly often accompanied by a rise in road accidents, violent incidents and other avoidable tragedies. Too often, families that set out to celebrate together end...

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