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DeBeers Reports Record Diamond Profits.
Analysts have predicted that De Beers Diamond Trading Company (DTC) 2004 sales will total a record $5.96 billion, up 8% from $5.518 billion in 2003, Business Day reported January 26.
DeBeers diamond output is up 4% from the previous record production of 43.947 million carats in the 2003 year.
The sales increase is the result of higher diamonds prices and increased production, Business Day reported. However, the analysts said De Beers' revenue gains would have been eroded by the strength of rand and the currencies of Botswana, Namibia and Tanzania (where De Beers operates diamond mines) against the U.S. dollar.
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