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De Beers profits plummet.

Summary: The world's biggest diamond miner has posted a 93 per cent fall in half-year profits.

The world's biggest diamond miner has posted a 93 per cent fall in half-year profits.

De Beers reported pre-tax profits of $42 million ([pounds sterling]25.5 million) in the six months to June 30, compared with $562 million ([pounds sterling]341.6 million) in the same period last year.

It anticipated production across 2009 will be around half that of last year, reflecting the slump in demand.

Rough diamond sales fell 57% to $1.4 billion ([pounds sterling]851 million) in the half year as clients slashed their inventories as the recession bit into demand for luxury products.

The firm said trading in the rough diamond market was "extraordinarily difficult" in the first three months of the year, but demand price and sales all began to pick up in the second quarter.

[c] Independent Television News Limited 2009. All rights reserved.

[c] Independent Television News Limited 2009. All rights reserved.

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Publication:Independent Television News Limited (ITN)
Article Type:Financial report
Date:Jul 26, 2009
Words:175
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