Diamond sales are sparkling
DIAMOND sales rose to $80 billion (£64 billion) worldwide in 2016, the second-highest year on record, according to De Beers.
The diamond company said the past three years had seen the highest ever demand for diamond jewellery – despite a dip in 2015 – with the US, China and India being the main markets.
It also said its own sales of rough diamonds at the first two so-called sightholder sales to customers were running ahead of the same period last year.
Last week, the firm moved to take full control of its 32 De Beers jewellery stores in 17 countries after buying out its partner, the luxury goods company LVMH.
De Beers owner Anglo American had said last year that following huge losses it would focus on diamonds, platinum and copper.
It said it planned to sell off coal and iron ore after a collapse in prices. However, that disposal programme is on hold after a recovery in commodity prices led by growing demand from China saw Anglo report a $2.6 billion profit for 2016, compared with a $5.6 billion loss previously.
Anglo’s future is up in the air as mining billionaire Anil Agarwal wants to acquire as much as 12 per cent of its stock, worth £2 billion.
Agarwal is chairman of rival miner Vedanta, but he is taking control of the shares through a family trust.