26 Feb 2018

De Beers Group of Companies strategic strengthening of emerging markets around the world combined with an innovation process led to strong financial performance, year-end 2017.

Addressing members of the media De Beers Global Group of Companies, executive vice president, Mr Paul Rowley pointed out that rough diamond production increased by 22 per cent to 33.5 million carats as compared to 27.3 million in 2016 leading to a total of two per cent growth to $1.435 million from $1.406 million in 2016.

Giving an overview of the company’s strategic measures, he mentioned that De Beers unveiled its next generation automated screening instrument, which is less expensive and 10 times faster.

Mr Rowley said the machine was capable of handling stones three times smaller and had lower referral rates than its predecessor.

He pointed out that an industry first synthetic-screening device for set jewelry was launched in June last year along with the roll-out by the International Institute of Diamond Grading and Research of a synthetic–detection training course. In 2017, Mr Rowley said De Beers invested more than $140 million in marketing, which was 19 per cent  more than in 2016, through a combination of proprietary and partnership activity centered on the US, China and India.

“De Beers also substantially increased its investment in the Diamond Producers Association, a producer-wide body that works to enhance consumer demand by promoting the appeal, integrity and reputation of diamonds,” he added.

He said the company introduced a new digital platform for the diamond industry backed by highly secure blockchain technology, which provided a single immutable record for every diamond that is registered.

He added that the blockchain was currently under pilot phase in the quest to unpin confidence in diamonds and the industry for all stakeholders while streamlining manual process and creating new efficiencies in the value chain.

De Beers Jewelers (DBJ) 50 per cent  shareholding joint venture, Mr Rowley said was among the strategies used, adding that with full ownership of the business and the De Beers corporate brand, the process of integrating the brand and network of 30 stores in 16 key consumer markets around the world was underway.

Furthermore, he said De Beers pinned its trust on Jwaneng Cut 8 and 9, Orapa Cut 3, Damtshaa and Letlhakane projects to help invest and sustain the future.
Jwaneng Cut 8, he said, was expected to become the mine’s main source of ore in 2018. Ends