De Beers Group announced today that the provisional value of rough diamond sales for the seventh sales cycle of 2018 stood at US$ 505 million, just marginally below the US$ 507 million at the same cycle last year. The Company said that demand remained stable and that it had allowed sightholders to re-phase allocation of some smaller, lower value rough diamonds.

The sales were however lower than the US$ 533 million recorded in the earlier cycle, the Company said.

Sales at the seventh cycle include both Global Sightholder Sales and Auction Sales.

Bruce Cleaver, CEO, De Beers Group, said: "De Beers Group provided Sightholders with the opportunity to re-phase the allocation of some smaller, lower value rough diamonds. Demand remains stable ahead of the September Hong Kong Jewellery & Gem Fair."

The Company also stated that 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.