De Beers forecasts healthy growth in demand for diamonds and diamond jewelry in 2018, particularly in the United States, CEO Bruce Cleaver tells JCK.
Cleaver made the comments in an interview following the release of its preliminary financial results. The results were published as part of the balance sheet of Anglo American, which owns 85 percent of the company.
“The holiday season in America was a little better than we thought it would be,” he says. “A weakened dollar should be good for demand, at least outside America. The Chinese New Year seems like it was good.”
He adds that he is finding current sentiment in the trade “quite good.”
However, he admits that the current bank scandals in India have unsettled the market. One of the companies named in the episode, Gitanjali Gems, is currently listed as a De Beers client.
“We are taking appropriate steps there,” he says.
A few years back, De Beers introduced new financial transparency criteria for its clients. Cleaver says this latest episode illustrates why that is important.