Subscribe free to our newsletters via your
. 24/7 Space News .




TECH SPACE
De Beers says 'challenging' time for diamonds
by Staff Writers
Hong Kong (AFP) Sept 21, 2015


De Beers, the world's largest diamond producer, said Monday the economic slowdown in China and a strong US dollar meant a "challenging" year for the industry, while India would be key to future growth.

Analysts have said global diamond prices could tumble due to a glut as consumer demand weakens.

De Beers announced in July that its underlying earnings had slumped 23 percent in the first half of 2015 and revised down its production forecast.

"We expect 2015 as a whole to be a more challenging year," said CEO Philippe Mellier in the company's new "The Diamond Insight Report".

"The continued strengthening of the US dollar against all major currencies, coupled with a slowdown in economic growth in China, is likely to lead to global diamond jewellery demand for the full year being relatively flat compared with 2014 levels," the report added.

Diamonds are typically denominated in US dollars.

Mellier predicted strong growth would return "once the current stocks have worked through the system".

Turbulence in the Chinese economy saw the devaluation of the yuan and a stocks crash.

It came on the heels of an anti-corruption drive by Chinese President Xi Jinping which has dented the luxury market.

"The challenge in China is that we all got used to growing at exorbitant rates... the industry is having to re-adjust itself," Stephen Lussier, CEO of De Beers' Forevermark jewellery brand, told AFP.

But the company is still "bullish" about China's role in future, says Lussier, who is in Hong Kong for a jewellery and gem fair.

China accounts for 16 percent of global diamond sales, the second largest market after the United States on 42 percent. India is third with eight percent.

- India expansion -

In 2014 the US was the fastest growing consumer market, with a seven percent increase in diamond consumption, according to the De Beers report.

China grew six percent and India three percent.

Global diamond jewellery demand rose three per cent to exceed US$80 billion for the first time, the report said.

It highlighted India as a rapidly developing consumer market.

Despite the industry's tribulations, Lussier said fluctuations in rough diamond prices were unlikely to trickle down to consumers.

"If you look at diamond prices in local currency terms, in many countries they've gone up."

The appetite for rare diamonds also remains untouched, says Jean-Marc Lieberherr, managing director of diamonds at mining giant Rio Tinto.

He is in Hong Kong for the tender of a collection of 65 extremely rare pink and red diamonds, which were unveiled in Sydney in June.

Invite-only bidders make their offers in sealed envelopes as the diamonds make a private tour of Hong Kong, New York and Australia's Perth, before the results are announced in October.

"These diamonds are a niche in themselves and they are very much followed by a group of connoisseurs, traders, collectors, and high-end jewellers," said Lieberherr.

"They know the mine will close one day -- when that happens, the value will go through the roof."


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

.


Related Links
Space Technology News - Applications and Research






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TECH SPACE
Yale lab finds new ways to synthesize HIV inhibitor
New Haven CT (SPX) Sep 18, 2015
Yale University chemists have created a new process for synthesizing an organic, nitrogen-based compound that inhibits HIV. The process represents a fundamentally different approach to synthesizing alkaloids, which are naturally occurring compounds that contain nitrogen. The new approach uses a set of starting materials that do not require the usual tempering of nitrogen's reactive tendenc ... read more


TECH SPACE
NASA's LRO discovers Earth's pull is 'massaging' our moon

Moon's crust as fractured as can be

China aims to land Chang'e-4 probe on far side of moon

China Plans Lunar Rover For Far Side of Moon

TECH SPACE
Supervising two rovers from space

Team Continues to Operate Rover in RAM Mode

Ridley Scott's 'The Martian' takes off in Toronto

Mars Panorama from Curiosity Shows Petrified Sand Dunes

TECH SPACE
NASA, Harmonic Launch First Non-Commercial UHD Channel in NAmerica

Russian cosmonaut back after record 879 days in space

New Life for Old Buddy: Russia Tests Renewed Soyuz-MS Spacecraft

Opportunity found in lack of diversity in US tech sector

TECH SPACE
Long March-2D carrier rocket blasts off in NW China

Progress for Tiangong 2

China rocket parts hit villager's home: police, media

China's "sky eyes" help protect world heritage Angkor Wat

TECH SPACE
Andreas Mogensen lands after a busy mission on Space Station

ISS Crew Enjoy Kharcho Soup, Mare's Milk in Orbit

Slam dunk for Andreas in space controlling rover on ground

Russian ISS Crew's Next Spacewalk Planned for February 2016

TECH SPACE
Russia successfully launches satellite with Proton rocket

ILS announces one ILS Proton launch for HISPASAT in 2017

First Ever Launch Vehicle to Be Sent to Russia's New Spaceport in Siberia

US Navy to Launch Folding-Fin Ground Attack Rocket on Scientific Mission

TECH SPACE
Nearby Red Dwarfs Could Reveal Planet Secrets

Astronomers peer into the 'amniotic sac' of a planet-hosting star

Rocky planets may be habitable depending on their 'air conditioning system'

Earth observations show how nitrogen may be detected on exoplanets, aiding search for life

TECH SPACE
First new cache-coherence mechanism in 30 years

One step closer to a new kind of computer

Researchers develop 'instruction manual' for futuristic metallic glass

Physicists defy conventional wisdom to identify ferroelectric material




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.