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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: gemsearcher who wrote (4975)11/13/1999 12:38:00 PM
From: Valuepro   of 7235
 
From The Mail & Guardian: mg.co.za

DIAMOND giant De Beers on Friday said it is hopeful that its
South African diamond exports will resume in the near future.
"The government diamond valuator has verbally given us the go
ahead to package the diamonds...We are busy preparing the
diamonds," De Beers spokesman Tom Tweedy said.
De Beers' ninth export consignment of the year -- series 97 --
has been held up for three weeks, prompting a dispute
between the firm and the government diamond valuator (GDV).
The prospect of a delay to series 97 and the next final export
consignment of the year had led analysts to express concern
over the impact on De Beers' earnings. Once the Diamond
Board has signed off on the series 97 package, they will be
allowed to be flown to De Beers' marketing arm the Central
Selling Organisation (CSO) in London.
The CSO controls 70% of the trade in rough diamonds. Earlier
in the day investment bank BoE Securities said it has
downgraded De Beers to 'hold' from 'buy' because of a
renewed dispute with the GDV and a weaker CSO sales
outlook for 2000.
"This time we believe the GDV demands on De Beers to be
totally unreasonable. The industry urgently needs a commission
of inquiry," BoE said in an industry review report.
BoE forecast CSO sales to dip to $4,5-billion in 2000 and
$4,6-billion in 2001 from $5,2-billion this year. -- Reuters
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