World famous De Beers Diamonds has announced that sustained retail demand from India and China and stronger than expected demand in the US have resulted in a record first half sales for irregular diamonds.
According to De Beers, sales of rough diamonds throughout the first half of 2011 enlarged 33 percent, year over year, to US$3.5 billion (AUD$31.68 billion). The company has established record sales figures for the first half of the year.
“Sales during the period have been outstanding, driven mostly by continual growth in the Middle East, Indian and Asian sell markets and their force on rough price growth,” De Beers said in a report.
The mining giant, which claims to manufacture more than a third of the world’s rough diamonds, also reported proof EBITDA of almost US$1.2 billion (AUD$1.089 billion) a 55 per cent increase over the first the first half of 2010, sparkly the impact of “excellent” price growth during the period ended June 30.
It predicts nonstop require for the remainder of 2011.
“Sales throughout the period have been exceptional, driven mainly by constant growth in the Middle East, Indian and Asian retail markets and their impact on rough price growth,” De Beers said in a statement.
De Beers also commented that in spite of the ongoing turmoil with the worldwide economy, it was encouraged by the continued strong growth in price and demand during the first six months of 2011.
“De Beers is confident that the exceptional growth in retail markets in India and Asia will continue to drive order for diamonds.”
According to Lonn Miller from Miller Diamonds, order for diamonds in Australia has steadily increased since the start of the year and he says, “there are severe shortages in the market” as a result of this increased demand.
The next thing the market has to observe then is the fluctuations in the Australian dollar.
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