De Beers Posts Second Straight Sub-$500M Sales at Latest SightNovember 20, 18
(IDEX Online) – De Beers sold rough diamonds with a provisional value of $440 million in the ninth sales cycle (Global Sightholder Sales and Auction Sales) of 2018.
The sales figure is the lowest sales figure reported by the miner so far this year and the second consecutive sale below the $500 million mark.
The miner reported confirmed sales of $482 million in the eighth cycle, compared with an initial provisional figure of $475 million.
Bruce Cleaver, CEO, De Beers Group, said: “As the industry’s focus turns towards the key end of year retail selling season, rough diamond sales continued to be in line with expectation during the ninth cycle of the year. While demand for smaller, lower quality rough diamonds continues to see some challenges, the latest cycle saw some signs of improvement in this area as factories in India begin to reopen after Diwali.”
De Beers' sales in the eighth sight of 2017 were $466 million.