August 25, 1999
Analysts Predict Diamond Sight Will Double
This week's diamond sight, one of 10 sales of rough diamonds by De Beers' Central Selling Organisation each year, could be worth up to $700 million, nearly double that of the sight held the same time in 1998.
Analysts told Bloomberg News Service they expected the sales to sightholders to range from $500 million to $700 million due to rising demand worldwide. The sight in August 1998 was $365 million, the lowest in 11 years, after the CSO scaled back supply to compensate for sagging consumer demand in Asia. If the sight this week meets analyst expectations, it would be the largest sight ever, according to Bloomberg.
The growth is an indication of the CSO's confidence in recovering Asian economies and continuing strong retail sales in the U.S.
- by Stacey King