We may be in the midst of the Second Great Depression. But De Beers is not feeling the crisis, not when profits last year soared almost 50 percent.
De Beers said demand for diamonds this year was unlikely to match levels seen in 2011. “In spite of uncertainty, and barring a global economic shock, we expect to see continued growth in global diamond jewellery sales, albeit at lower levels than the exceptional 2011 growth. This will be driven by the overall strength of the luxury goods market, improving sentiment in the US (the largest diamond jewellery market), continuing growth in China, and the positive impact of the 2011 polished price growth on retail jewellery prices.”
