High diamond inventory in the midstream results in lower sales for De Beers
De Beers Group’s sales decreased to $250-million for the sixth cycle of this year.
This compares with the $391-million of diamonds sold in the fifth sales cycle of this year and the $533-million of diamonds sold in the sixth sales cycle of 2018.
“With ongoing macroeconomic uncertainty, retailers managing inventory levels, and polished diamond inventories in the midstream continuing to be higher than normal, De Beers Group provided customers with additional flexibility to defer some of their rough diamond allocations to later in the year,” says De Beers Group CEO Bruce Cleaver, explaining the reduction.
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