De Beers profits rise
De Beers posted a 21 per cent rise in 2011 earnings on the back of a record sales boom at the start of last year, but the diamond producer reported a dip in annual production and said it expected to continue to rein in output growth in 2012.
The diamond giant, 45 percent owned by miner Anglo American, said it expected jewellery demand to continue to grow thanks to improving US demand and growth in China, though at a lower pace after 2011 records, amid uncertain markets.
It also said it would continue to prioritise maintenance at its mines as it awaited improved demand, and did not expect to increase production in 2012.
In its first full set of earnings since Anglo American agreed in November to take majority control of the diamond miner by buying out the Oppenheimer family stake, De Beers said earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $1.7bn (£1bn).
Underlying earnings rose 62 per cent to $968m.
The diamond miner, which controls more than a third of the global rough diamond market, said sales of rough diamonds by its Diamond Trading Company were up 27 per cent at $6.5bn.