De Beers Group’s Cycle 8 2019 sales of rough diamonds (Global Sightholder Sales and Auctions) amounted to US$ 295 million (provisional), the Company announced today.

This compares to Cycle 8 2018 sales worth US$ 482 million (actual) and Cycle 7 2019 sales amounting to US$ 287 million (actual). As is evident, sales of Cycle 8, while marginally higher than those in the immediately previous cycle, stand way below that of the same Cycle in the previous year.

Bruce Cleaver, CEO, De Beers Group, said: "As we approach what is traditionally a quieter time of year for the diamond industry during the Diwali holiday, we have again offered our customers flexibility during this sales cycle."

While sales of Cycle 7 and Cycle 8 were beginning a slow move upwards after the plunge of Cycle 6 2019 when De Beers Group sales stood at US$250 million, it remains to be seen how they will shape up after the Diwali holidays; and once the festive season unfolds in various consumer markets.

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