Diamond sales suffer De Beers, the world''s biggest diamond producer, had its smallest sale of the stones so far this year as demand was hurt by India''s crackdown on ''black money''. The company sold US$418 million of diamonds in its 10th cycle, compared with US$476 million at its previous offering, according to a statement on Tuesday. For the same period last year, sales were US$248million.
“While the trade in lower-value rough diamonds is experiencing a temporary slowdown as a result of the demonetisation programme in India, demand across the rest of the product mix continued to be healthy,” chief executive officer Bruce Cleaver said.
“Overall sales remained in line with seasonal expectations.”
The industry has been hit by India''s war against so-called black money after the government invalidated existing 500-rupee and 1 000-rupee bank notes. De Beers has responded by moving to ease restrictions on buyers in India as the government''s actions suppressed demand.
NEWS24