GREY:SWYDF - Post by User
Post by
crazytownon Mar 17, 2011 7:38pm
219 Views
Post# 18302068
More Great News!
More Great News!
https://www.bloomberg.com/news/2011-03-15/rough-diamond-prices-may-gain-25-this-year-on-voracious-china-gem-says.html
Rough prices may gain 25%, says Gem
Rough diamond prices may surge more than 25 percentthis year driven by “almost insatiable” demand from China , India andthe U.S., Gem Diamonds Ltd. said, Bloomberg reported.
“Mostpeople in the industry continue to be surprised by the voraciousappetite from the Chinese consumer for diamonds,” Chief ExecutiveOfficer Clifford Elphick said in an interview with Bloomberg.
“Iwould be surprised if we don’t achieve plus 25 percent.”
DeBeers, the largest diamond miner by sales, said last month it may raiseoutput by 21 percent to full capacity by the end of 2012 to meet“extraordinary” demand from China and India.
Global prices ofrough diamonds gained 26 percent last year, surpassing pre-recessionhighs, according to data compiled by WWW International DiamondConsultants Ltd., the report said.
The U.S. remains the biggestmarket for diamond jewelry, buying about 38 percent of the total lastyear, De Beers said.
“Prices have continued to risesubstantially,” Elphick said by phone. “Demand is almost insatiable. TheAmerican consumer is coming back with much greater confidence, Chinesedemand is extremely strong and India demand is very strong.”
Pricegains are also underpinned by a long-term decline in output as theworld’s largest mines are exhausted.
Bloomberg.