De Beers: Modi to revive India gem growth

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De Beers expects Indian Prime Minister Narendra Modi to champion the diamond industry and sees a return to growth for the third-biggest market for the stones. “India is the good news versus last year,” De Beers chief executive Philippe Mellier said on Friday. “It is clearly starting to grow again. The election of Modi is changing the paradigm.” Mellier expected high single-digit growth in Indian demand in the second half, reviving a market that has lagged after volatility in the rupee reduced consumers’ buying power. On Friday De Beers posted first-half operating profit of $765 million (R8 billion), contributing 26 percent of Anglo American’s operating profit. It mined 16 million carats in the half, a 12 percent increase. – Bloomberg

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