Aug 01, 2017

Strong Demand at De Beers Rough Diamond Sales Cycle 6, Earlier Diwali Provides Boost

De Beers Group said that rough diamond sales (Global Sightholder Sales and Auction Sales) at Cycle 6 of 2017 were good, with the earlier than normal Diwali festival providing a boost to demand. The provisional total sales value for the Cycle, which includes all sales till July 31, 2017 was US$ 572 million, the company said. During Cycle 6 in 2016, the Company reported sales of US$ 528 million.

“The sixth sales cycle of the year maintained the trend of consistently good demand for De Beers rough diamonds across the product range,” said Bruce Cleaver, CEO, De Beers Group.

He added, “With Diwali being earlier than normal in 2017, we saw some demand from Indian diamantaires pulled forward from Sight 7. This was due to these customers needing to make rough diamond purchases in sufficient time to complete their polishing before the holiday begins.”

Simultaneously the Group also announced that the actual sales value of Cycle 5 2017 as US$ 541 million.

The Group clarified that the sales values are quoted on a consolidated accounting basis and are before capitalisation of pre-commercial production revenues at Gahcho Kué. Auction Sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle.