De Beers’ 10th sales cycle clocks provisional value worth $418 million

The De Beers Group of Companies’ rough diamond sales (Global Sightholder Sales and Auction Sales) clocked a provisional value worth $418 million, for the tenth sales cycle of 2016, as per its announcement. The provisional sales value represents sales as at 12 December 2016.

Bruce Cleaver, CEO, De Beers Group, said: “We continued to see good demand for De Beers rough diamonds in our latest sales cycle. While the trade in lower value rough diamonds is experiencing a temporary slowdown as a result of the demonetisation programme in India, demand across the rest of the product mix continued to be healthy and overall sales remained in line with seasonal expectations. Pleasingly, sales were also significantly higher than those for the equivalent cycle in 2015.”

The company’s actual sales value in its previous sales cycle was worth $476 million, while the 10th sales cycle last year clocked a mere $248 million.