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Small diamonds’ sale challenging

patriot by patriot
January 17, 2021
in Business
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Small diamonds’ sale challenging
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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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  • VACANCIES: BR PropertiesMay 17, 2022
    INTERNSHIP OPPORTUNITY Finance and Administration Closing date: 18th May 2022.
  • BANANA CLUB HOSTS FIRST MAUN EDITIONMay 17, 2022
    The artist-led collective, Banana Emoji Productions in collaboration with the European Union Delegation in Botswana hosted the beloved BANANA CLUB dialogues in Maun on the 14th of May 2022.  The multi-disciplinary creative group is committed to working with artists […]
  • Orange Botswana CEO among Africa’s most inspirational women in leadershipMay 12, 2022
    – Declares House of Rose House of Rose Professional Pte. Ltd (HORP) has announced its 2022 List of Africa’s Most Inspirational Women in Leadership. The list included over 100 inspirational leaders and was curated by House of Rose Professional […]
  • Unions ‘consider’ a Workers PartyMay 12, 2022
    Masisi snubbed trade unions on Workers Day, chose Khawa BOFEPUSU warn Masisi that Khawa could cost him elections Opposition will be top beneficiary of a Workers Party -Analyst BAKANG TIRO editors@thepatriot.co.bw Aggrieved trade union federation, Botswana Federation of Public, […]
  • Munyadzwe breeds, commercialises phane wormMay 12, 2022
    “We have had clients from as far as England, Ethiopia, Nigeria, Ghana and they really like the phane worms. People are talking about snack protein, and we are part of that revolution, food security, healthy sources of protein, going […]
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