De Beers sees gradual rise in output

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De Beers sees gradual rise in output

February 14, 2010 – The world’s leading diamond producer De Beers has said it expects a gradual increase in diamond output and prices as the world recovers from recession.
“With the fragility of the world economy and perceived weakness of the global recovery post recession, the company would only expect a gradual increase in production levels, sales and prices,” a statement said.

De Beers, 45 percent owned by miner Anglo American, swung to a $220 million loss in 2009 after underlying net profit of $515 million in 2008 while rough diamond sales dropped 46 percent to $3.2 billion.
De Beers, which slashed output last year, has said rough diamond prices had rebounded strongly since the depths of the global recession.