De Beers sells $575 million at third Sight

De Beers Group sold $575 million for the third sales cycle of its rough diamond sales (Global Sightholder Sales and Auction Sales) of 2019.

Bruce Cleaver, CEO, De Beers Group, said: "“As we move into the second quarter of the year, we saw a continuation of stable demand for our rough diamonds during the third cycle of 2019."

Looking at the bigger picture, however, De Beers is still underperforming compared to 2018. While its sales of $575 million against $524 at the 3rd sight of 2018 improved significantly, the first three sights generated significantly lower revenues - $1.571 billion  - that in the same period in 2018 - $1.769 billion.