Sales at the diamond miner De Beers have slid to their lowest level in almost a decade, after the pandemic took the shine off global demand for gems and jewellery. The world’s biggest diamond producer said it had provisionally sold $2.7bn of rough diamonds during 2020, down a third on 2019’s sales of more than $4bn. Global demand for diamonds and jewellery tumbled in the spring, knocking sales and prices. At the same time, diamond production at some of the company’s southern African sites declined by 27% as coronavirus restrictions hampered operations. De Beers was also forced to cancel one of its regular sales events in Botswana after travel restrictions prevented buyers from attending. Earnings at De Beers, which has been part of the vast Anglo American mining group since 2012, plummeted in the first half of the year to just $2m, down from $518m for the same period in 2019.
SOURCE: THE GUARDIAN
More Stories
Wellness Destinations in Africa to Get away from it All
Will the Unmistakable Sound of Congolese Rumba Make it on the Heritage List?
Tanzania will Host the Inaugural East African Regional Tourism Expo
The Sanctuary Mandela’s Opening Deals Offer Public Up to 45% Off on All the Available Rooms
A Photo Series of Migrant Communities Who Make Up US Culture
The Dwell 24: The Urbanative
Evidence of Fur and Leather Clothing, Among World’s Oldest, Found in Moroccan Cave
No Waste Challenge Winner, Leafylife, Creates Diesel from Dirty Diapers
The Fugees Will be Playing Live Concerts in Ghana & Nigeria in December
Siba Mtongana Wants African Cuisine to Be a Staple Across the Globe
Benin, where Innovation and Recycling Meet
The Women trying to Revolutionise Agriculture in West Africa