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DE BEERS MAY WITHHOLD DIAMONDS FROM THE MARKET
It would be difficult to ensure high sales in the second half of 2006
By: Reuters
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Oct 24 2006 12:00AM
|
Reference: 591  

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Diamond giant De Beers may withhold diamonds from the market in the fourth quarter depending on demand, a top executive said on Monday.

De Beers is 45 percent owned by mining group Anglo American Plc, 40 percent by the Oppenheimer family and 15 percent by the Botswana government.

An official informed that it would be difficult to ensure that sales in the second half of 2006 matched sales in the same period the previous year.

De Beers said in July higher interest rates, rising fuel prices and geopolitical instability would make it tough for second-half sales to match those of a year earlier.
The company expects the sluggish rough diamond market to pick up next year but gave no further details.

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