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DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES

 
And so it Begins
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02/24/2009 02:59 PM
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DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
-The world's most valuable diamond producer today said it would shut down all its mines later this week as the global downturn wrecks demand for the gemstones. -


Debswana, a joint venture between De Beers, the company founded by Cecil Rhodes, and the government of Botswana, produces a fifth of all the world's diamonds around half of de Beers' global output from four open-cast mines in the arid country.

Work will be suspended for the rest of the year at two of them, Damtshaa and Orapa No 2, while Orapa No 1 and Jwaneng, the planet's single most valuable diamond mine, will stop activities until at least mid-April.

Production at the mines had already stopped in December, when the workers went on their Christmas break, and when they returned only care and maintenance was being carried out. Now several thousand of the firm's 5,510 permanent employees will be sent home on extended leave on full pay from Tuesday, while 580 jobs will be slashed at the two mines facing long-term closure.

The shutdowns will be a crushing blow to the economy of Botswana, which has used its diamond wealth as the bedrock of one of sub-Saharan Africa's most successful and stable countries. Diamonds account for 70 per cent of its exports and 30 per cent of government revenues.

Gem diamond sales over Christmas in America, the world's biggest market for the rocks, were down around 25 per cent on last year.

"There won't be any carats produced by Debswana," said Lynette Gould, a spokeswoman for De Beers. The last time the firm completely shut down production at any of its mines was in the 1930s, during the Great Depression, she added.

Analysts said the move was "a major chunk of worldwide production", but would bring demand and supply more into line.

[link to www.telegraph.co.uk]
Anonymous Coward
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02/24/2009 03:02 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
bsflag bsflag bsflag bsflag bsflag
Anonymous Coward
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02/24/2009 03:02 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
That fracking company owes me money from the diamond monopoly trial. I want it now!
Anonymous Coward
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02/24/2009 05:27 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
IF I were Black, I'd say,

" well, I got mines, and y'all got yours"
NikkiLaVey

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02/24/2009 05:32 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
They have more diamonds in their vaults then is on the market.
If we don't help each other who will

Dream the Good Dream,

Nikki
Anonymous Coward
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02/24/2009 05:32 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
Diamonds have little value anyway. They are in abundance and their cost has been artificially inflated for years by DeBeers. DIAMONDS ARE A FARCE!!! Diamonds used for wedding rings, engagement rings etc are worth bout 10% of what you pay for them. They are trash.

Diamonds are the WORST thing you can buy unless you buy "investment quality" diamonds, which are few and far between and not affordable by the the masses.

rant
Anonymous Coward
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02/24/2009 05:36 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
Can we tell DeBeers to give us all diamonds....Obama's distribution of wealth?


5a
anonymous
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02/24/2009 05:54 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
D flawless VVS diamond 1 carat solitaire sold for $29,000.00 retail by very very late 70s ..then they dropped to around $10,000.00 retail by approx mid 80s and still sat unsold everywhere..dealers of fine diamonds and fine gemstones just store them in vaults toil prosperous times return...some do sell some of thier stock very cheap to generate some cash flow from time to time in hard times..price of gold has caused new diamonds to be impossible to market ..diamonds sales always tank if gold rises .$265.00 an ounce is best gold price to market diamonds. if gold rises to high then diamonds must then depreciate or the consumers buyer market shuts down. that is what has been happening for years now, as high oil stold disposable pocket money from the consumer public.
Anonymous Coward
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02/24/2009 05:59 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
Ohnoes, whatever will I do?!?

Who gives a fuck if they aren't selling overpriced rocks?
Anonymous Coward
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02/24/2009 06:09 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
They have more diamonds in their vaults then is on the market.
 Quoting: NikkiLaVey

Diamonds have little value anyway. They are in abundance and their cost has been artificially inflated for years by DeBeers. DIAMONDS ARE A FARCE!!! Diamonds used for wedding rings, engagement rings etc are worth bout 10% of what you pay for them. They are trash.
 Quoting: Anonymous Coward 466677

hf hf hf hf

bump

bump
Anonymous Coward
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02/24/2009 06:11 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
Arent their mines in Africa and dont the tree huggers bitch and complain about how they use African children to work in them? I guess the tree huggers should be happy now.
Anonymous Coward
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02/24/2009 06:17 PM
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Re: DE BEERS, WORLD'S LARGEST DIAMOND PRODUCER SHUTS DOWN MINES, DUE TO SLIDING WORLD SALES
finally something i'm trained in . . it's pure bullshit

dbs got SO MUCH inventory due to price gouging,y that they don't require extremely expensive mining/research





GLP