Diamond demand increased in 2004

Global demand for diamonds is likely to have grown by 5% or 6% or more in 2004 after increasing by 2% in 2002 and expanding by 4% in 2003, Managing Director of De Beers’ Diamond Trading Company (DTC) Gareth Penny reportedly said in a recent speech.

The report was published in South Africa’s Business Day.

The DTC’s main goals remained the creation of consumer demand for diamond jewelry and the maintenance of consumer confidence in diamonds, Penny reportedly said.

A third key program that the DTC is looking at is its so-called “Purchaser of Choice” program, which is aimed at ensuring the DTC is the preferred marketer of diamonds for its producer partners, the publication reports.

“As we need to be your Supplier of Choice, so DTC needs to be Purchaser of Choice for our producers,” Penny reportedly said.

De Beers group managing Director Gary Ralfe reportedly said that early in 2005, De Beers would secure the approval of its board for the development of a new mine at Snap Lake in Canada.

“We expect the Victor Mine in northern Ontario will come shortly afterwards. We also signaled recently to the Russian Prime Minister that in addition to our long trading relationship with Russia, De Beers is looking actively to create an exploration, and hopefully mining, role for itself in Russia,” Ralfe reportedly said.