De Beers weighs diamond ETF

Wednesday, September 08, 2010

DE BEERS will reach stable production next year and begin repaying shareholder loans while it considers approaches from financial institutions to set up an investment instrument using diamonds, says Gareth Penny, outgoing MD of the world's largest diamond producer.

Penny announced in July that he would be resigning from his post after a tenure covering some five years and a period of consolidation in the diamond firm's operations.

Penny says De Beers has been inundated by requests from financial institutions to become involved in a fund that will give investors a chance to invest directly in diamonds.

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