De Beers reports weaker diamond sales

De Beers reports weaker diamond sales

Diamond mining giant De Beers sold a total of US$440 million worth of rough diamonds for the 9th sales cycle of 2018, the group said in a recent report.

The figure, which included global Sightholder and auction sales, was lower than actual sales of US$482 million achieved in cycle 8 of 2018, and US$466 million in cycle 9 of 2017.

Bruce Cleaver, CEO of the 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 expectations during the 9th 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.”

Cycle 9 2018 provisional sales value represents sales as at November 19, 2018. Sales values are quoted on a consolidated accounting basis. Auction sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle.

News Source:

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.