If you like it, put a ring on it – Petra Diamonds CEO
Thursday, February 20, 2014 - 04:17
Feb. 20 - Diamond demand will remain strong this year thanks to the global engagement ring market, says Petra Diamonds CEO Johann Dippenaar as the company reported solid interim results.
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-- diamond -- track to meet -- guidance -- solid session and -- numbness. Agreed CEO ya -- different on the joins me now from the London Stock Exchange -- congratulations very strong results they. But and emerging market currencies have been very volatile how concerned you about this and how it impacts the business. The weaker Rand is actually benefitting all business as we. Or all earnings on bonus. And -- additional rents and the bag from a sales is has got a positive effect on on on this at this point in time. That's the biggest clients -- Indian diamond touches as well. I CO very exposed and repeat you send the European house is gonna affect your second hall. The other group is actually -- realized quite a bit -- over the -- month also and and you know the Indian -- that we dealing with law companies have also talked across the world in Europe and new York -- -- also we don't feel that we'll have a major effect on all business for the second off. Now diamond prices -- the policy and expected to be as last week has gone up quite bullish. But there are down some of the global recovery. -- if prices keep rising you confident that it it will continue to have -- upward momentum. Well actually we've seen a very through market business thought of the second half and do we are very satisfied with the talk of Washington policy now -- -- not depend on. Prices going up from these levels British process and policy at the moment and real very happy with -- Okay and -- is well is is is driven. Ya Hun bye bye sentiment as you eat as you today what kind of the key events are you looking out for that will impact. Diamond on sentiment. In in China and the US has yet. The -- several market remains the engagement ring markets and in that market. Are we seeing sought to a much wider acceptance all this is a practice pool of India China received lots of growth and the month for. For a -- -- jewelry suspicion with suspicion of patience like engagements. And we feel we feel that -- Be strong enough. To carry the market as we see it now. Prices -- capable people to get married. Yeah it's. Or any other spiritual have been you'd normally -- -- some sort of like a -- -- -- a very special gift to celebrate anything this visual to offend you or to a couple. Right that's it and diet and mine is as well have been quite lucky in that you've been largely unscathed by the non the labor disputes how web the rest of the mining industry. Haven't been as lucky -- it can give us an idea how the current disputes could be resolved and should be result. Well we we see at the moment that everybody in South Africa including the highest level of government is involved in in looking at this dispute and -- you know -- the severity said event that have received this time of mourning their money neighbor. Which as you remarked we have for much of the -- to avoid it in our industry. I think this highly of and attention focuses mines and without that negotiations will bring this to a speedy end. You've also sold this massive and you die and then. Pat and I what I really like to know from you your behind is how big of an impact in terms of percentages. Will this how -- you innings. The other the dominant fixed. 25 point six million dollars. -- -- -- this -- for -- business somewhere above 450 million dollars so vacancies to look. Corner because affixed to 5%. And as these stones done -- bought upon normal business budgets they go straight to the bottom line so. Are very positive affect on numbers overall. I thank you very much we have to leave it that. That was it chief executive of Petra diamonds you -- -- enough from the London Stock Exchange I imagine all this is what is.
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