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.