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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Rocky510 who wrote (5697)2/16/2000 9:10:00 AM
From: PHILLIP FLOTOW  Read Replies (1) of 7235
 
02/16 5:28A (DJ) +DJ S Africa De Beers Says To Increase Diamond Prices >DBRSY

JOHANNESBURG (Dow Jones)--De Beers Consolidated Mines Ltd. (DBRSY), the
global diamond cartel, said Wednesday it will push up prices of some of its
lower quality rough diamonds beginning at its next auction on Monday.
"Strong demand and some reduction in supply of the lower quality diamonds,
which are predominantly polished in India, have been exerting upward pricing
pressure in this area, and some adjustment in relevant prices is therefore
appropriate," De Beers said in a statement.
The company said prices in some of its more valuable diamond categories will
decrease as part of a "rebalancing" of its price book.
Overall, the adjustments would be "marginally positive" to earnings, De
Beers said.
De Beers wholesales the vast majority of the world's rough diamonds through
its London-based Central Selling Organization.
-By Michael Wang, +27-11-726-7903;
-michael.wang@dowjones.com
PHIL
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