Monday, July 27, 2009

De Beers Reports A 99% Drop In Net Profits For First Half 2009

de beers 99 percent drop in profit 2009
de beers profits 2009Stunning news from the diamond industry. The world's largest diamond producer, De Beers, has reported a 99% drop in net profits for the first half of 2009. De Beers made only $3 million in net profit versus $316 in the same period just one year ago. They have also reported that the sales of rough diamonds were down by 57%.

"The industry has been severely impacted by the global economic environment being the most difficult in decades," said the company, which has cut its global workforce by 23% and temporarily halted production at mines in Africa and Canada.

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