June 19, 2009
De Beers sees early signs of recovery
Ramat Gan, Israel-The Israel Diamond Institute and De Beers participated in Israel’s first “Diamond Town Hall Meeting.” At the meeting Gareth Penny, the De Beers Group Managing Director spoke on the industry and its outlook.
He explained that for the past 120 years the diamond industry has been extremely resilient and noted that after every recession the industry has enjoyed an immediate resurgence.
Penny also said that there have been early signs of a recovery with an increase in demand for rough. He believed that the 2009 holiday season would be stronger than it was last year. However, he did not believe that holiday sales would reach former levels until 2010.
