/ 26 December 1999

DE BEERS SLIPS ON DIAMOND NEWS

SHARES in De Beers slipped on Tuesday as investors took profits from the diamond giant’s strong recent gains and as news of an impending review of the South African government diamond regulator nagged sentiment. De Beers closed 620 cents or 3,16% down at R190,20 after reaching a morning low of R189,41 as the market mulled Monday’s report of soaring 1999 uncut stone sales that yielded a record $5,24-billion. A South African government inquiry into the country’s diamond industry called later on Monday for change at the official diamond regulator, with whom De Beers has been at loggerheads this year, resulting in a delay to gem exports.