Watch exports from Switzerland fell by 4.6% to $ 1.66 billion (1.66 billion Swiss francs) in the last month, said the Federation of the Swiss Watch Industry (Federation of the Swiss Watch Industry) . Such performance was achieved despite the fact that the number of days off in December 2016 was one more than in 2015.
Exports to China in December increased by 28%, to $ 139.9 million (139.6 million Swiss francs), while the supply of hours in the United States increased by 11%, to $ 179.5 million (179.1 million Swiss francs) .
Global watch exports from Switzerland, however, fell due to a decrease in supply in Hong Kong 16%, to $ 209.3 million (208.9 million Swiss francs), which is a much better indicator than the 25 percent drop in shipments for the whole 2016 year.
In 2016, Swiss watch exports fell by 10%, to $ 19.45 billion (19.41 billion Swiss francs). Exports to the US fell by 9% for the full year, while in China - by 3.3%.
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On Thursday, De Beers Canada reported that the mine may close diamond Snap Lake (Snap Lake), located in the Canadian Northwest Territories, due to lower prices for diamonds and unprofitable mines.
De Beers Canada has not received income from the Snap Lake since 2008, when the mining of diamonds in the mine. In the past year, it has 1.2 million carats of diamonds were mined.
Problems with the groundwater at the mine, where mining is carried out from the bottom of the lake Snap Lake, led to an increase in production costs.
"Every time these scenarios come to the forefront during difficult market conditions, the company begins to consider all options and opportunities, including those in which the mine can be closed down," - said the representative of De Beers Canada Tom Ormsby (Tom Ormsby) .
Slowing demand growth in China and oversupply in the diamond market put pressure on prices.
Rough diamond prices have fallen by about 18% compared with last year, while diamond prices have fallen by 20% since the beginning of the year, noted in Rapaport.
In October, De Beers Canada reported the transfer in Calgary headquarters as part of restructuring to cut costs.
De Beers, which is 85% owned by Anglo American Plc and 15% - Government of Botswana, the world's largest producer of diamonds by value. This year, three times reduced the target level of diamond production.
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