The release of H1 results by De Beers on Friday has evoked mixed reactions across the industry, since the positive figures were accompanied by news of the resignation of Gareth Penny as CEO. %% The H1 figures send out a clear message that the worst days of the recession have been left behind. Mine production is up 133 per cent and DTC sales are up 84 per cent, driven by strong consumer demand from China and India, and a modest improvement in demand from the US. The company looks at the future with “measured optimism”, both due to external factors like better demand and internal ones such as “transformation of business undertaken last year”. %% The “feel good” impact is however tempered by Penny’s resignation. As CEO for the last five years he steered the ship through these troubled times. The announcement has come too close to press time to permit any comment on its implications. Those will become clearer as more information on the resignation and Penny’s successor become available.

This entry was posted on Saturday, July 24th, 2010 at 7:07 am and is filed under Gemesis. You can follow any responses to this entry through the RSS 2.0 feed.You can leave a response, or trackback from your own site.