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Although demand for diamonds has decreased Stephen Lussier, executive director of De Beers, expressed confidence in diamonds as a store of wealth long term.
The economic crisis presents challenges for the luxury goods category as a whole, diamonds however are uniquely positioned to withstand and emerge from the short-term uncertainty. Stephen Lussier, Executive Director of De Beers, said at the Mining Indaba on Tuesday stating that diamonds will prove to be a store of value.
Lussier mentioned that we are facing extraordinary times and that De Beers would take bold actions in order to produce a relevant product. The challenges the diamond market is facing are numerous but Lussier outlined just a few of them, citing the speed at which the industry was hit. As well as the fact that the duration of the effect is said to be long-term. "Any action that the company takes now will have to be sustained throughout the years."
"We have taken tough decisions in the good times helping us to prepare our portfolio for less favourable conditions," he said. He continued to say that De Beers will reduce production significantly in accordance with diamond client demand, and will continue to substantially reduce capital expenditure and off-mine costs such as explorations. Lussier said that there is no point in digging diamonds out of the ground if there is no demand for them, therefore they will be more valuable if they stay underground.
Lussier said that diamonds are a rare and finite treasure and, with future demand growth in emerging markets; demand is likely to significantly outpace what is forecast to be lower levels of diamond supply for many years to come.....
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