De Beers cuts diamond production by 91 percent

Johannesburg, April 30 (Inditop) The world’s largest diamond miner, De Beers, has cut production by nearly 91 percent due to a sharp drop in demand, mining group Anglo-American, which owns 45 percent of the company, reported Thursday.

According to the report, quarterly production sank to 1.08 million carats in the period ending March 31, from 11.8 million carats in the same period the year before.

The second quarter of 2009 was, however, expected to see an increase in production as a major mine in Botswana started production in April.

Anglo-American reported that it would take steps including securing billions of dollars in new financing to enhance further development.