De Beers announced provisional sales value of second sales cycle of 2016

For its second sales cycle of 2016 of rough diamonds, the De Beers Group of Companies clocked a provisional sales value of $610 million. The company noted that its first sales cycle of 2016, achieved an actual sales value of $545 million.

The company noted that rough diamond demand continues to show signs of improvement as excess inventory has continued to work through the system in recent months. Philippe Mellier, Chief Executive, De Beers Group, said: “Retailer restocking after the end of year holiday season is supporting demand for polished diamonds and, in turn, we are seeing improved demand from the midstream for rough diamonds. However, we remain mindful of the need for a cautious approach as the recovery continues.”