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De Beers announces price rise on diamonds
De Beers corporation on Tuesday announced a three percent rise on the price of diamonds. A report published here on Tuesday says that this decision came into force as of January 1. Last year’s price rise on diamonds amounted to ten percent. In a letter to its customers, the Diamond Trading Company, De Beers subsidiary, stated that because of the fall in the dollar rate over the past six months, diamonds cost cheaper to many customers while the outlays for diamond mining continued rising. The Diamond Trading Company also mentioned the growth of the demand for diamond jewellery in the second half of 2003 and favourable prospects for growth in the first half of this year. Some 80 percent of diamond jewellery goes to the United States. The increase in the demand for jewellery entails the growth of the sales of uncut diamonds as jewellery companies strive to replenish their stocks of materials. De Beers controls up to 60 percent of uncut diamond sales in the world market.
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