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De Beers says US demand to drive growth in 2017

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De Beers says US demand to drive growth in 2017

2017-03-08 17:01:39
The De Beers Group of Companies is counting on sustained US demand to drive growth in the global diamond industry in 2017.

A preliminary report by Anglo American, which owns 85 percent of De Beers, revealed that the diamond miner raked in total revenues of $6.1 billion in 2016, up 30 percent from $4.7 billion in 2015. The increase was attributed to higher rough diamond sales, which rose 37 percent to $5.6 billion.

This, in turn, was attributable to a 50 percent increase in consolidated sales volumes to 30 million carats from 19.9 million carats in 2015.

“Macro-economic conditions underpinning consumer demand for diamonds remain broadly stable in aggregate, with the US expected to continue to be the main driver of global growth in 2017,” noted the company. “The extent of global growth will, however, be dependent upon a number of macro-economic factors, including the new administration in the US, the strength of the US dollar impacting consumer demand, economic performance in China, the effects of Indian demonetisation and sentiment following the main US and Chinese New Year retail season.”

With midstream stocks having returned to more typical levels in 2016, rough diamond demand is expected to normalise in 2017, reflecting underlying consumer and retail demand, added De Beers.
Rough diamond production decreased by 5 percent to 27.3 million carats, reflecting the decision, taken in 2015, to reduce production in response to prevailing trading conditions.

While producers continue destocking, forecast diamond production for 2017 is expected to be in the range of 31 to 33 million carats, subject to trading conditions.