India slowdown cramps De Beers sales


Diamond market pressures have continued to storm down diamond sales, which has culminated in the slowdown in key mature markets like India.

This was revealed in the latest sales report by De Beers in which the diamond miner projects that provisional fourth quarter sales will reach $380 million (P5.17 billion), which is a fall from last year’s Q4 sales of $479 million.

Al Cook, CEO for the group whose parent Anglo American is a subject of unsolicited takeover bid from rival BHP, said Friday the slowdown is part of a projected downward motion for the diamond market pushed by market pressures and a slowing down of the Indian economy due to elections.

Editor's Comment
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