Low Oil Price Could Help Diamond Miners

Mining Weekly reported that according to Philippe Mellier, CEO of De Beers, the current low oil price may benefit those in the diamond business.

As quoted in the market news:

At a reception in Botswana to mark the first 12 months of sightholder sales inGaborone, Mellier outlined how the downwardly trending oil price could potentially turbocharge the diamond markets of America – already the world’s biggest diamond jewellery stage – and India, where 2015 economic growth is now forecast to hit the 5.5% mark.

In addition, diamonds were poised to perform well in China, where emphasis on consumption was being intensified in a bid to rebalance the economy.

‘All of this shows that there’s ample opportunity for the diamond industry,’ added Mellier, who emphasised the importance of supply, finance and demand to ongoing diamond-industry success.

Click here to read the full Mining Weekly report.