De Beers’ jewellery business planned to open at least five new stores in China this year, a senior company official has said.
Group chief executive Philippe Mellier said that their joint venture with Louis Vuitton, LVMH Moet Hennessy, now had 49 stores around the world.
“…this year we plan to open at least five new stores in China and we're also upgrading existing facilities,” he was quoted as saying by Mining Weekly.
Meanwhile, Mellier said that De Beers needed to look along the entire value chain for growth opportunities.
He said global diamond polishing had decreased by 15 percent between 2007 and 2012, because of the ageing of mines and technical issues, while in the same period demand growth, stimulated mainly by China and India, had risen by 15 percent.
“So, you can understand why diamond prices are going to increase and why this is a very, very good business to be in,” Mellier said.
He also said that the prospect of mining growth in South Africa was hamstrung by the depletion of resources and whether or not to go underground at South Africa’s Venetia diamond mine had still to be decided.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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