De Beers to Borrow $500 Million as Demand Declines
Originally posted on Bloomberg
The loan is “prudent” in the current economic environment, said Finance Director Stuart Brown on a conference call from London today.
Jewelry sales are plunging as the global slowdown forces even the wealthiest consumers to curb spending on luxury goods. New York-based Tiffany & Co., the world’s second-largest luxury- jewelry retailer, said last month holiday sales declined 21 percent. Switzerland’s Cie. Financiere Richemont SA, the maker of Van Cleef & Arpels jewelry, said in January it saw “no cause for optimism” amid the “toughest” market conditions in 20 years.
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