https://www.engineeringnews.co.za

Low oil price expected to benefit diamond industry – De Beers

Philippe Mellier

Philippe Mellier

21st January 2015

By: Martin Creamer

Creamer Media Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – The low oil price is expected to benefit the diamond business, De Beers CEO Philippe Mellier has told sightholders.

At a reception in Botswana to mark the first 12 months of sightholder sales in Gaborone, Mellier outlined how the downwardly trending oil price could potentially turbocharge the diamond markets of America – already the world’s biggest diamond jewellery stage – and India, where 2015 economic growth is now forecast to hit the 5.5% mark.

In addition, diamonds were poised to perform well in China, where emphasis on consumption was being intensified in a bid to rebalance the economy.

“All of this shows that there’s ample opportunity for the diamond industry,” added Mellier, who emphasised the importance of supply, finance and demand to ongoing diamond-industry success.

He sketched how De Beers was investing in sustained supply and detailed how Botswana’s Cut 8 project at Jwaneng would deliver 100-million extra carats and South Africa’s underground project at Venetia a further 80-million additional carats.

Later Canada’s big new Gahcho Kué  project and Namibia’s Sendelingsdrif project would make their contributions.

More rigorous financial transparency had been introduced to prevent inventory being sold below true value under seasonal pressure and synthetic-detection technology was being developed to expose the passing off of synthetics as real diamonds.

“We must also be acutely aware of the increasing challenges to consumer confidence presented by differing grading standards at the various grading laboratories.

“This issue has captured a lot of attention in recent months, especially with consumers in the US, and we must all display the leadership required to reassure the public that they can rely on the integrity of the diamond industry,” Mellier exhorted.

Edited by Creamer Media Reporter

Comments

Array

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.208 0.266s - 156pq - 2rq
Subscribe Now