EXPLORING FOR DIAMONDS AND THE NORTH — First-half sales buoy

Diamond producer De Beers of South Africa reported a 42% increase in sales of rough diamonds to US$2.5 million during the first six months of 1993 compared with the same period last year.

De Beers said the demand for rough diamonds improved this year mainly because of a relative lack of the gems from Angola and Zaire, the shortage of Russian polished diamonds in the first quarter, buoyant demand from India and increased exports of polished diamonds from the U.S.

The company cautioned that the excellent sales were not likely to continue during the second half.

“While De Beers remains cautiously optimistic about the future, no dramatic improvement in retail sales is expected until there is a resurgence of world economic activity,” the company said.

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