De Beers Group said that it sold rough diamonds valued at US$ 370 million during the eighth sales cycle of 2017. This was significantly below the sales value of both the Cycle 7 this year (US$ 507 mn) as well as Cycle 8 of 2016 (US$ 494 mn)due to the timing of the sale coiniciding with closure of polishing factories in Israel and India on account of religious holidays.

The current figure includes both Global Sightholder Sales and Auction Sales as of October 16, and are quoted on a consolidated accounting basis.

Bruce Cleaver, CEO, De Beers Group, said: “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. Sales were in line with expectations, at what is a seasonally slower time for rough diamond demand.”