De Beers banks on US for sales rebound

Tuesday, October 13, 2015

De Beers has cut its 2015 production due to weak sales

De Beers, one of the world’s largest producers of rough diamonds, says it is pinning hopes on the US Christmas period for the recovery of diamond sales.

The company recently lowered its full-year production guidance to between 29 million carats and 31 million carats from its previous forecast of between 30 million and 32 million carats due to projected weak sales.

Bruce Cleaver, De Beers head of strategic development told Mmegi Business in a teleconference on Friday that consumer demand for diamonds is likely to increase due to the US Christmas season which usually begins from late November.

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