De Beers CEO Mellier: Demand for Diamonds ‘Softening'

In-depth
01/05/2015 19:21

For the past few months, the diamond market has been less than sparkling, forcing mining giant Anglo American, which owns De Beers, to scale down its production targets. However, De Beers CEO Philippe Mellier is not worried. "It is softening a little bit", but "the demand is still there and not every industry can say the same thing".

The biggest challenge facing the diamond industry is not a short-term and minor decrease of the demand, but the dwindling of rough diamond supply in the near future. "No new average or big mines have been discovered in the last 15 years at least", he explains. "We know that after 2019, the supply of rough diamonds is going to slowly come down and we have to prepare the future".