India slowdown cramps De Beers sales

Diamonds PIC: MORERI SEJAKGOMO
Diamonds PIC: MORERI SEJAKGOMO

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
Parents should be more proactive in children’s lives

Parents need to pay particular attention to their children to ensure they grow up in a healthy environment that supports their development and mental health. Healthy attachments between parents and children foster strong bonds, creating a solid foundation for future leaders.In many African cultures, there is a common perception that parents should use a stick to discipline naughty children. While disciplining children is important, it is equally...

Have a Story? Send Us a tip
arrow up