De Beers Raises Their Diamond Prices By 5%
De Beers, one of the world’s most powerful diamond companies has raised their prices by 5% this month. Most of their diamonds come from Anglo American, a very large mining group which is 45% owned by De Beers.
Earlier this year The Diamond Trade Company (DTC) came on with a strong demand for diamonds in the markets rising in Asia. Therefore, leading to an increase in prices by 8.5%.
Last month, a De Beers official explained that since there is such a great demand for diamonds in China, India and the Middle East then this would be an advantage to their company. U.S. sales will now become even slower then they already were before, and they cross out half of the jewelry market, giving De Beers a better chance in business.
De Beers had responded in a question through email, by saying, “Some increases have been made at the July Sight, the overall effect of which is plus five percent.”
While De Beers manages at least 40% of the diamond market, it posted flat output of diamonds last year at 51 million carats which is expected to have an outcome by 2008.