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De Beers Briefs NY Banking Community on Diamond Industry Outlook

Oct 1, 2014 2:27 PM   By Brian Bossetta
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RAPAPORT... Rough diamond supplies are likely to plateau by 2020 and then significantly decline during the following decade, according to Howard Davies, the head of commercial development for De Beers, who briefed members of the New York banking community on Wednesday about fundamentals affecting the state of the diamond market.

Estimated global rough production, according to De Beers projections, will drop to 115 million carats by 2030, down from the nearly 160 million carats expected for 2014. This trend, Davies said, would likely result in a widening gap between demand and supply that the industry will have to prepare for and address.

Davies also discussed pricing, emerging markets and the future of further diamond exploration. The informational meeting was the first time De Beers reached out to the New York financial community with the aim of providing a comprehensive update on the latest developments in the diamond industry and the stringent standards of corporate transparency and financial compliance that De Beers will require from all of its sightholders during the upcoming 2015 contract period.

Tags: Banking, Brian Bossetta, De Beers, presentation
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