De Beers Reports Lower Sight Sale At $475M As Rupee Decline ImpactsOctober 16, 18
(IDEX Online) – De Beers sold rough diamonds with a provisional value of $475 million in the eighth 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 which have all been above the $500 million mark.
The miner reported confirmed sales of $503 million in the seventh cycle, compared with an initial provisional figure of $581 million.
Bruce Cleaver, CEO, De Beers Group, said: “While the Rupee-Dollar exchange rate has impacted demand for lower value categories, we continue to see steady overall demand for De Beers Group rough diamonds, reflecting ongoing consumer demand for diamond jewelry in the US.”
The rupee has dropped sharply against the US dollar – down around 15% against the greenback so far this year to around 73 rupees to the dollar.
De Beers' sales in the eighth sale of 2017 were $376 million.