Diamonds are running out De BeersThe world's supply of diamonds is running out says the world's biggest miner of the gem.
The Daily Telegraph in London reports today that De Beers said it would reduce its production to extend the life of its mines.
Takinginto account the moderated output diamond prices could rise by at least5 per cent a year for the next five years, according to Des Kilalea, adiamond analyst at RBC Capital Markets.
In 2008 De Beers produced 48m carats and the company will cut production to 40m in 2011, according to The Telegraph.
Inthe last two decades the industry has found no new diamond deposit tomatch the two biggest mines in Africa, owned by De Beers, or the bestRussian mines of Alrosa, the other big diamond producer.
GarethPenny, managing director of De Beers, told the Financial Times: "Do wewant to ramp production back up to 48m carats, given the lack ofavailability in the future?"
De Beers accounts for 40 per cent of global rough diamond sales.
https://au.news.yahoo.com/thewest/business/a/-/world/7110029/diamonds-are-running-out-de-beers/