Sales of rough diamonds by De Beers’ Central Selling Organization (CSO) were US$2.54 billion in the first half of 1993, 42% higher than in the corresponding period a year ago.
In dollar terms, sales in the first half of 1993 were the highest ever. Only the first half of 1990, during which time US$2.47 billion worth of rough diamonds were sold, approaches the 1993 record.
However, De Beers cautions that the strong first half may not be sustained over the remainder of 1993.
“Demand for rough diamonds from the CSO improved strongly . . . partly as a result of factors which are likely to prove transitory,” De Beers said in a press release. These factors include the relative lack of “rough” from Angola and Zaire, the shortage of Russian polished stones, and buoyant demand from India.
Now, however, Angolan and Zairean supplies have risen, as have sales of Russian polished diamonds. As a result, De Beers remains “cautiously optimistic” about the remainder of the year.
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