De Beers announces value of rough diamond sales for first sight in 2016

The De Beers Group of Companies announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the first sales cycle of 2016. In this, the company noted that, rough diamond sales for the said period improved significantly compared with the final sales cycle of 2015. The cycle 1 2016 provisional sales value represents sales as at 25 January 2016 and amounted to $540 million, while that of the final sales cycle of 2015 amounted to $248 million.

A positive holiday season in the US from a retail perspective, low levels of rough diamond purchases by the midstream in Q4 2015 and a subsequent reduction in manufacturing saw polished diamond stocks pull through the pipeline. The company stated that this has resulted in firmer polished prices. Rough diamond demand broadened across the entire product range as cutting and polishing factories began to increase their activity.

Philippe Mellier, Chief Executive, De Beers Group, said: “We are encouraged by the result of the first sales cycle of 2016, and will keep working closely with our customers to deliver sustainable improvements in the diamond industry in 2016.”