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Article: A learner and fitter De Beers?(New business plan)
- Article from:
- African Business
- Article date:
- October 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Trouble with its Russian operations, the outcry over blood diamonds and the ending of its virtual sales monopoly made for uncertain times at De Beers, but the company's remarkable half-year performance reported last August has boosted investor confidence and powered a programme of overseas expansion Tom Nevin reports on how De Beers is reinventing itself.
Announcing a higher than expected reduction in the diamond stock pile, De Beers' MD Gary Ralfe said: "We have set ourselves big, hairy, audacious goals." Strong demand for luxury goods has driven De Beers' earnings to unanticipated high levels.
Earnings before tax for the six months to June of $958m was ...