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DeBeers Will Raise Diamond Rough Prices in 2005, Set Record Sales in 2004.
Reuters and South Africa's Mining Weekly report this morning that DeBeer's is poised to further increase diamond rough prices in 2005 after significantly increasing prices by approximately 15-20% in 2004 and setting record sales for the year.
The world's biggest diamond producer, De Beers, is expected to have raised sales by 4.7%, to $5.76-billion, in 2004 thanks to higher prices and growing demand, these analysts said.
This was the average forecast of five analysts surveyed by Reuters, whose estimates ranged from $5.74-billion to $5.8-billion, compared to last year's $5.5-billion.
De Beers, 45%-owned by diversified mining group Anglo American, announces its 2004 results tomorrow.
"I think (the year) will definitely be better than consensus; we have already seen how well other luxury goods groups have done," said a fund manager.
Last week, Italian jeweller Bulgari said it met its 2004 sales forecast thanks to a 10.5% jump in the Christmas quarter.
De Beers said last month it expected global demand for diamonds to have grown at least 5% to 6% in 2004 and will focus on driving jewellery sales higher again this year.
"In 2002, we saw a 2% increase in consumer demand worldwide, in 2003 a 4% increase, and in 2004 we are hopeful of seeing a figure of 5% or 6%, or even higher," said Gareth Penny, managing director of De Beers' Diamond Trading Company (DTC).
DTC, De Beers marketing arm, said last August it had raised rough diamond prices by an average of five percent after recording a 7% rise in sales during the first six months of the year.
The August hike followed price increases of 3% and 5% in January and March, respectively.
"The fact that they could hike prices this much, a lot higher than global inflation, is a sign of good times for them," the fund manager said.
The firm, which controls nearly half of world diamond supply, said consumer confidence had increased and economic conditions were positive suggesting continued strong consumer demand in the second half of the year.
"They have managed to put through some increases during 2004 and I think they will be able to do more in the new year," a London-based analyst said.
The firm is also expected to address the impact of the buoyant rand on its Southern African operations, which employ more than 10 000 miners.
De Beers mining projects and explorations projects in Canada will see spending of nearly C$2.5-billion over the next five years.
What this means for you, The Consumer is: Fasten your Seatbelt, higher prices for beautiful Bling-Bling and a lighter wallet are coming to you later this year!
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