Blood Diamondprices up 16 pct in 2008
De Beers has boosted rough diamond prices by 16 percent so far this year due to strong demand, the firm said on Tuesday.
De Beers, 45 percent owned by mining group Anglo American, said in July it was cautious about developments in the second half due to a downturn in the United States, the top diamond jewelery market.
Last month, De Beers said a difficult retail market in the United States, which accounts for around half of all diamond jewelery sales, was dampening sales of cheaper, mass market items using lower quality gems.
Source: De Beers rough diamond prices up 16 pct in 2008
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Anglo American has been a great stock play since I started following it back in 2004. But it seems like the Down Economy might even soften the Diamond Trade. I still think it will hold strong since every girl in middle America still wants a rock for her wedding.
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