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De Beers buoyed by diamond market recovery Following an extremely challenging year for the diamond industry, De Beers is confident the horizon is dazzling with potential. The diamond giants believe the long-term supply-and-demand outlook presents favourable dynamics for rough diamond demand. Presenting the company financials to the media last week, De Beers Executive Vice President […]
Positive demand for diamond industry
2020 bruising as revenues drop by 30%
BAKANG TIRO
editors@thepatriot.co.bw
Blue chip diamond company De Beers Group is buoyant that its business will bounce back this year as compared to 2020 due to the promising demand in diamonds since the start of the year.
De Beers Executive Vice President Diamond Trading, Paul Rowley, while presenting the Group’s 2020 financial results, said the Group revenue stood at $3.4 billion in 2020 as compared to the $4.6 billion posted in 2019, representing 30% decline. But he is buoyant of growth amid 2021 outlook.
“2020 was unprecedented year for the diamond industry globally and we also suffered from the effects of Covid-19. Containment measures such as the lockdowns impacted negatively on our business operations. There have been significant challenges for the rough diamond industry,” he said.
Rough Market26/02/2021 19:40
To enhance the use of data and ensure customers create value from the rough they buy, De Beers wants to introduce a tracking program for the diamonds it supplies to sightholders. In its new supply contract the company will ask manufacturers to share the outcome of the polished yield, reports Rapaport News. This would allow the miner to verify that the rough sold to manufacturers had been polished by them, rather than sold to a third party. Additionally, it would enable source verification and market intelligence.
The particulars are not yet clear, but sightholders believe they will be asked to share details on the sizes and qualities of the polished outcome. This is all part of the new three-year agreement that will run till December 2023. Reportedly fewer dealers will receive a direct supply, as the company wants as many clients as possible to process goods into marketable polished rather than “flipping” the rough.
RAPAPORT. De Beers is embarking on a tracking program for the diamonds it supplies to sightholders, seeking to ensure that customers create value from the rough they buy.The company will ask manufacturers for information on polished outcomes under its new supply contract, which goes into.