Soft diamond market halves De Beers� earnings

Thursday, February 18, 2016

De Beers and Debswana officials at a media briefing in Gaborone last week

De Beers’ earnings before tax decreased by 58 percent to $571 million in the year to December 2015, which was a result of weaker rough diamond demand. The lower earnings were however offset in part by tighter operating cost control and favourable exchange rates.

The group’s revenue dropped down by 34 percent to $4.7 billion from $7.1 billion recorded in the prior year due to lower rough diamond sales, which declined by 36 percent to $4.1 billion.

This was due to a 39 percent reduction in consolidated sales volumes of 19.9 million carats compared to the 32.7 million carats sold in the prior year, partly offset by a five percent increase in the average realised diamond price.

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