Business Standard

Monday, December 23, 2024 | 08:58 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

De Beers cuts production of rough diamonds, bets $170 million on marketing

Market expected to remain under pressure in near future, says CFO

Nimesh Patel
Premium

De Beers Chief Financial Officer Nimesh Patel

Rajesh Bhayani Mumbai
De Beers is cutting production of rough diamonds from 35 million carats last year to 31 million carats to reduce supply and is increasing spending on marketing from $110 million in 2014 to $170 million.  

The decision by one of the largest diamond companies in the world follows a few quarters of a slowdown and lower prices. But some inventories of polished diamonds with polishing units and major retailers will continue to be a pressure point for Indian units for some time.  

India is the world's largest supplier of polished diamonds. The polishing industry here still holds polished diamonds' inventory and until

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in