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Magazine > Market Survey > News Content

De Beers expecting jollier holiday season

6/5/2009 4:48:12 PM

Antwerp, Belgium--De Beers' mines in Botswana are now running near peak capacity as the mining giant prepares for a merrier holiday season this year, according to a report from Reuters.

Speaking on Wednesday at a Town Hall meeting in the diamond-trading center of Antwerp, Belgium, De Beers Group Managing Director Gareth Penny said the company's mines in the African nation of Botswana are now pushing above 80 percent capacity after being completely shut down for a 50-day period due to low demand, Reuters reports.

De Beers operates its mines in Botswana in conjunction with that company's government, a venture known as Debswana.

Those mines accounted for more than 65 percent of De Beers' production in 2008.

The Reuters report of Penny's speech also states that while demand for polished and rough fell by 30 and 60 percent respectively from 2008 peak levels, consumer demand for jewelry is down only 10-15 percent and is actually up in China.

"This is not a 50-60 percent drop-off," Penny told Reuters.

He also noted that polished-diamond prices stabilized in March and April, and that retailers should work through their excess stocks by the end of the first half of the year.

"December, Christmas of 2009 will be better than December, Christmas of 2008," Penny said, according to Reuters. "I think that's a pretty reasonable assumption from where we are sitting now. Stock markets are up, U.S. confidence indices are improving. There are a number of drivers suggesting that."

The 2008 holiday season was a dismal one for U.S. retailers, with 80 percent of those who took National Jeweler's annual post-holiday survey reporting that same-store sales were down in November and December.

The meeting held on Wednesday in Antwerp was the first in a series of meetings De Beers is dubbing "Town Hall" gatherings.

Similar meetings are slated to take place in Israel later this month and in Mumbai, India, in July.

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