De Beers sees glimmer of hope for diamond market as India, China lead recovery

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Reuters: Feb 15 2013, 17:13 IST

decreased 16 percent to $6.1 billion for the year ended Dec. 31. Core earnings dropped 39 percent to $1.08 billion.

Production fell 11 percent to 27.9 million carats and De Beers said it planned no increase in 2013.

"If there is an upside, if we can see that the demand is slightly higher than what we are expecting, we could eventually ramp up into a bit more production," Mellier said on the call.

De Beers said it is spending 20 billion rand ($2.3 billion)on a new underground diamond mine that will become the largest in South Africa.

Anglo American reported on Friday a 44 percent drop in operating profit to $6.2 billion, and underlying earnings fell more than 50 percent.

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Wayne Prentice | 21-Feb-2013Reply | Forward

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