de beers cuts diamond prices to boost demand
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Fears of economic slowdown in China

De Beers cuts diamond prices to boost demand

Arab Today, arab today

Arab Today, arab today De Beers cuts diamond prices to boost demand

De Beers lowered prices by as much as 9% to boost sales
Johannesburg - Arab Today

De Beers, the world's biggest diamond producer, has lowered prices by as much as nine percent to boost sales, Bloomberg News said Monday quoting three unnamed sources.

The move came amid a wider commodities slump, with global stock markets plunging over fears of an economic slowdown in China, a key growth sector for diamond sales.

The price cuts follow a squeeze in production that failed to fuel demand for diamonds, the sources said, adding that about $250 million of the precious stones would be put on sale.

"The industry is in a very precarious position, it could go either way," Kieron Hodgson, an analyst at Panmure Gordon in London, told Bloomberg.

"De Beers have recognised that and responded."

De Beers, founded in South Africa in 1888, is majority-owned by Anglo American which declined to comment.

Anglo American shares tumbled to a 15-year low on Monday as commodity prices including copper, coal and iron-ore were all hit.

China-linked shares have led the global stocks sell-off, with Shanghai closing down 8.49 percent, the biggest daily loss since February 27, 2007.

Falling oil prices also weighed on market sentiment, sliding below $40 a barrel for the first time since 2009.

Last month De Beers cut its 2015 production goal to 29-31 million carats from an earlier target of 30-32 million carats.

As well as China, India is seen as a key growth market for diamonds, which tap into burgeoning middle-class aspirations.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

de beers cuts diamond prices to boost demand de beers cuts diamond prices to boost demand

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

de beers cuts diamond prices to boost demand de beers cuts diamond prices to boost demand

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday