De Beers rough diamond sales drop in cycle 7
JOHANNESBURG (miningweekly.com) – Diamond giant De Beers’ seventh sales cycle for this year saw a decline in the value of rough diamonds sold after some of the demand was absorbed in cycle six owing to an early Diwali.
De Beers recorded a provisional $505-million in diamond sales during the seventh cycle, compared with $576-million in cycle six and $639-million in the comparative cycle seven in 2016.
“As expected, rough diamond sales were somewhat lower in the seventh cycle of the year, with some midstream demand having already been brought forward into cycle six owing to Diwali being earlier than normal in 2017.
“Businesses in the diamond industry’s midstream segment are adopting a watchful approach as attention now turns to the Hong Kong Jewellery and Gem Fair in mid-September,” CEO Bruce Cleaver said on Tuesday.
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