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DIAMOND MARKET

WARTIME BOOM CONTINUES The continuation of the wartime boom in diamonds has compelled- the mining companies, which have been for several years living largely on their stocks, to resume mining operations on a larger scale. In 1943 diamonds to the value of some £20,000,000 were sold, of which it is estimated only £7,000,000 worth were produced. Comparative figures for 1944 are not available, but it Is likely that both total production and the proportion, currently mined were substantially larger. The full accounts of de Beers show a great increase in mining expenditure from £417,513 to £1,008,918. The 1944 diamond receipts of de Beers, including sale of a portion of the company's quota, is actually slightly higher at £4,627,000 and the fall of £400,000 in. net profit is much more than accounted for by the rise in mining expenditure. The dividend on deferred shares is reduced from 70 to 60 per cent. The demand for industrial diamonds has at least trebled during wartime, but the pegging of their prices at pre-war levels means that the major part of profits is still derived from the sale of gem stones. Demand for these fluctuates wildly, but has maintained an upward trend throughout the war. The reopening of the Antwerp diamond market, which has already re-absorbed over a quarter of its prewar labour force, should greatly help the selling syndicate in meeting this year's world demand for gem stones.

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http://paperspast.natlib.govt.nz/newspapers/AS19450718.2.34

Bibliographic details

DIAMOND MARKET, Auckland Star, Volume LXXVI, Issue 168, 18 July 1945

Word Count
237

DIAMOND MARKET Auckland Star, Volume LXXVI, Issue 168, 18 July 1945

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