Russian Rich Kids, and Diamonds Too

Tue, 05/12/2009 - 09:45 EDT - Freakonomics

Photographer Anna Skladmann's "Little Adults" portraits feature children of Russia's Nouveau-Riche who have "been raised to become 'Elite' and behave like little adults." But as Very Short List wonders, with a financial crisis underway, will Russia's rich kids start behaving more like kids? (Related: Russia moves ahead of De Beers as the world's largest diamond [...]

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De Beers returns to profit in boom year for diamonds
Diamond mining group De Beers reported a return to profit Friday, saying a boom year in diamonds in 2010 had made it "highly cash generative and profitable."The world's largest diamond company reported sales of $5.9 billion dollars (4.3 billion euros) in 2010, up from 3.8 billion dollars the year before, and a profit of 638 million dollars, up from a loss of 32 million dollars in 2009."2010 was an extraordinary year that saw De Beers rapidly move from stabilisation to strong recovery," the company's directors said in a statement.
Petra Diamonds doubles annual production with Finsch mine acquisition
Investors welcomed news this morning that AIM listed mining group Petra Diamonds (LON:PDL) was set to buy the Finsch diamond mine in South Africa from De Beers for R1.425 billion (£126.6m). The Petra Diamonds share price surged by 11% to 180p during the morning. Finsch is one of the world's major diamond mines and South Africa's second largest diamond mine by production.
Petra Diamonds doubles annual production with Finsch mine acquisition
Investors welcomed news this morning that AIM listed mining group Petra Diamonds (LON:PDL) was set to buy the Finsch diamond mine in South Africa from De Beers for R1.425 billion (£126.6m). The Petra Diamonds share price surged by 11% to 180p during the morning. Finsch is one of the world's major diamond mines and South Africa's second largest diamond mine by production.
De Beers' Steady Strategies Snag Stellar Profits
Diamonds may be forever, but profits are subject to the whims of the market. Lucky for De Beers, tied with Russia?s Alrosa for the title of the world?s largest diamond producer, the demand for rough diamonds in 2011 was enough to send profits soaring 53.2 percent.??Total sales rose to $7.4 billion from $5.9 billion, thanks ...
De Beers Reduces Diamond Output
De Beers, the world's largest producer of rough diamonds, is paring back its output for this year in response to slightly weaker demand.
De Beers Reduces Diamond Output
De Beers, the world's largest producer of rough diamonds, is paring back its output for this year in response to slightly weaker demand.
Global Dash-For-Trash Escalates, 'Cheap' Diamonds Are A Chinese Girl's Best Friend
While the global 'central-bank-inspired' wealth effect has benefited the uber-rich more than anyone else, it seems China's burgeoning middle class is more than happy to 'settle' for mediocrity in their fascination with luxury goods. As Bloomberg notes, the demand for diamonds is so heavy (and less discriminatory) that the price of lower-quality gems has surged as the price of high-quality 'flawless' diamonds has been very subdued.
Russia's Usmanov knocks steel boss Mittal off top of rich list
S.African regulators approve Anglo-De Beers deal
The South African anti-trust tribunal said on Thursday it has approved a $5.1-billion deal by Anglo American to buy 40 percent of De Beers, allowing it to take control of the world's largest diamond firm."There are no public interest concerns and the commission recommended that the merger be approved without conditions," the Competition Tribunal said in a statement.Anglo will buy the stake in De Beers held by South Africa's Oppenheimer family, ending their presence in the diamond industry that has spanned more than a century.
Russian billionaires double in 2010: rich list
The number of billionaires in Russia has doubled over the last year, with the country's super rich defying sluggish post-crisis growth to substantially boost their fortunes, a report said Friday.The annual rich list published by the Russian edition of Forbes magazine showed the Russia's moneyed elite have staged a comeback after the financial crisis slashed their fortunes.Forbes said that the number of billionaires on its 2010 rich list had almost doubled to 62 from 32 in crisis-hit 2009.

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Russian Rich Kids, and Diamonds Too

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