De Beers News
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Diamond prices will rise an average 6 percent a year through 2020 as tight supply is unable to meet growing demand in China and India, BMO Capital Markets said.
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Cie. Financiere Richemont SA Chairman Johann Rupert, who said yesterday he will take a 12-month sabbatical after leading the company for 25 years, has overtaken Nicky Oppenheimer as the richest South African.
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Harry Winston, the watch and jewelry brand that Swatch Group AG acquired this year, yesterday paid a record $26.7 million for a colorless diamond in Geneva.
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Lansana Conte, the former dictator of Guinea, once held sway over an asset that mining companies craved: the world’s largest undeveloped iron ore deposit, valued today at as much as $50 billion.
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China’s burgeoning middle class is buying diamonds so quickly that the price of mass-market stones is rising faster around the world than for top-quality jewels affordable only to the super-rich.
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Angola, the fifth-largest diamond producer, has cut mine taxes and plans to spend billions of dollars to attract investment into mineral deposits, Geology and Mines Minister Francisco Queiroz said.
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De Beers, the world’s biggest diamond producer, forecast a recovery in jewelery demand this year after profit tumbled 45 percent in 2012 as prices and output of the precious stones fell.
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De Beers SA, the diamond producer 85 percent owned by Anglo American Plc, plans to invest about 20 billion rand ($2.3 billion) to build an underground diamond mine beneath its existing Venetia open-pit operation in South Africa.
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De Beers, the world’s biggest diamond producer, said it’s confident of finding a gem deposit in Angola that will allow it to more than recoup the $250 million it has spent on exploration.
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De Beers , the world’s largest diamond producer, said talks with Namibia about its mining venture in the country are yet to be completed, after a newspaper reported that the African nation will increase its stake.
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