De Beers’ eighth sales cycle nets $370m

17th October 2017 By: Anine Kilian - Contributing Editor Online

JOHANNESBURG ( – Diamond miner De Beers reported revenue of $370-million for its eighth rough diamond sales cycle of this year.

This was lower than the $494-million in revenue earned in the eighth sales cycle of 2016.

CEO Bruce Cleaver noted, however, that sales were in line with expectations, at what is a seasonally slower time for rough diamond demand.

“De Beers offered fewer rough diamonds for sale in Cycle 8, reflecting the concurrent timing this year of the sight sale with the closure of polishing factories in India and Israel for the observance of religious holidays,” he said in a statement.