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Small diamonds’ sale challenging

patriot by patriot
January 17, 2021
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But De Beers declares: “Situation with the smaller, lower value diamonds looks to be improving”   

The sale of Meele diamonds – small less valuable natural occurring diamonds – has proved ‘challenging’ for De Beers Group of Companies for 2018.

One of the reasons for the difficulty in pushing Meele stock is the flooding of the market by an Australian Argyle miner in the last three months of 2017. The miner naturally produces high volume of Meele diamonds and recorded high production during the last quarter of 2017.

“This has also been in part due to a very challenging Rupee-Dollar exchange rate for Indian diamond businesses,” said De Beers on another factor that contributed to the decline in sales of Meele diamonds.

Indian diamond buyers, some of which are De Beers Sightholders, usually buy in Dollars but sell in Rupees, meaning that they are very sensitive to significant weakening of the Rupee against the Dollar. However, De Beers reassures that the supply situation is expected to continue to ease, and the Rupee has strengthened somewhat against the Dollar since the most challenging point earlier in the year.

The company would not be enticed to disclose how much it lost due to the challenges alluded to above price as policy does not allow the disclosure of information on price movements outside of information on average price index changes at half year financial reporting.

Responding to a query on whether the addition of three new mines in 2017 brought global rough production to its highest level since 2008 resulting in the excess supply, De Beers said the higher supply is also set against record consumer demand for diamond jewelry last year, coupled with conditions being supportive of further growth for 2018.

“This demand growth has been supported by De Beers Group’s growing marketing investment. Last year the investment in consumer marketing for diamonds was the most in a decade, and we will be investing even more again this year, around $170 million,” said De Beers.

De Beers said it is also responding to the challenges which have resulted from economic issues and third party supply by initiating a specific marketing campaign in India focused on consumer demand for products containing melee diamonds. It is also optimistic of the Meele diamond situation and believes it to be improving. The company cites encouraging signs for US consumer demand for diamond jewelry, which would further assist the situation.

Patriot Business’ interrogation of the topic was sparked by a recent Rapaport Research Report that announced that there was a sharp decline in prices of small, low-value diamonds that will exert further pressure on India’s manufacturing sector.

According to the report, prices in some categories have dropped by up to 20% in 2018 due to an over-supply and weaker demand.

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  • Killings of journalists up 50% in 2022, half targeted off duty    January 25, 2023
    Eighty-six journalists and media workers were killed around the world in 2022 – one every four days, according to UNESCO data, highlighting the grave risks and vulnerabilities that journalists continue to face in the course of their work.   […]
  • Judge Tau; please don’t stifle public scrutiny of the Court of AppealJanuary 25, 2023
    Her utterances are misplaced and must be condemned with the contempt it deserves ADAM PHETLHE The Patriot on Sunday dated 15 January 2022 carried an article titled ‘Judge Tau defends CoA Integrity’, with sub-headings “Complains of discrediting reckless statements; […]
  • Miss Botswana 2022 is the Face of KGK DiamondsJanuary 19, 2023
    Its been an exciting first week back to her MBW duties and we kick off the year with an official announcement that Our Queen is The face of KGK Diamonds. Lesego Chombo alongside Nigel Amos was the show stopper […]
  • Executives to watch in 2023January 19, 2023
    A year is often too short to demonstrate your worth, yet that’s exactly what the newly appointed Chief Executive Officers (CEOs) have to do to show that they deserve their enviable roles. PATRIOT BUSINESS looks at CEOs who shall […]
  • BLP TEST AP/BCP UNITY TALKSJanuary 19, 2023
    BAKANG TIRO editors@thepatriot.co.bw The new entrant in the cooperation talks between Alliance for Progressives (AP) and Botswana Congress Party (BCP) – Botswana Labour Party (BLP) has thrown spanner in the works by demanding that both AP and BCP yield […]
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