De Beers sparkles despite output fall

DE BEERS yesterday posted a 21 per cent rise in 2011 profits 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 per cent owned by miner Anglo American, said it expected jewellery demand to continue to grow thanks to an improving US market and growth in China, though at a lower pace after 2011 records. It also said it would continue to prioritise maintenance at its mines as it awaited improved demand.