De Beers group Chief Executive, Phillipe Mellier recently told a well attended sight holder cocktail event that he is optimistic that they have mutual objectives around creating long term diamond value. He said diamonds are a finite product, therefore the trade is capital intensive and consumer attitudes and preferences continue to evolve by the day.
“I am pleased to say that we are progressing very well in this area. Here in Botswana we continue with our hugely important investment in the Cut-8 project at Jwaneng, which we estimate, will deliver over 100 million extra carats from one of the world’s richest diamond mines,” Phillipe Mellier said.
He mentioned that in South Africa, the Venetia Underground project will extend the lifespan of South Africa’s diamond mine to the year 2044. “Significant progress has been made in the main constructions throughout 2014 and the project will deliver over 80 million further carats from this deposit.”
He further explained that in Canada, progress at Gahcho Kue, one of the largest new developments in the diamond world, is very positive and De Beers is eagerly looking forward to receiving the first production from this leading new mine within a couple of years.
Following the celebration of the 20th anniversary of Namdeb, a partnership with the Government of Namibia, De Beers has recently opened the Sendelingsdrif mine following the development work undertaken over the preceding two years. “The mine forms part of the extension of the lifespan of Namibian operations and further bolsters our production capacity in the years ahead, said Mellier.
Turning to the sustainability of demand Mellier noted that, there is responsibility of investing appropriately. “Essentially, sustaining demand throughout the value chain for the long term requires us to build and maintain what we call diamond equity.”
The sight holder cocktail event was well attended by amongst other dignified guests, the Vice President Mokgweetsi Masisi, Cabinet Ministers, Permanent Secretary to the President, Attorney General Athaliah Molokomme, Governor of the Bank of Botswana, Linah Mohohlo, Heads of International Organisations, Permanent Secretaries and captains of industry.