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.

Editor's Comment
Oh what a State funeral!

That rare sight deserves heartfelt praise, not only for President Duma Boko and his administration, but also for the Botswana Democratic Party (BDP), the Umbrella for Democratic Change (UDC), the Mogae family, and the entire country.President Boko’s decision to grant a full state funeral to a man who belonged to a rival party was a mark of true statesmanship. He recognised that national leadership carries a weight that belongs to the whole...

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