De Beers Group said that the value of its seventh sales cycle of 2017, including both Global Sightholder Sales and Auction Sales, at US$ 505 million, was expectedly lower than the corresponding figure for Cycle 7 last year.  It attributed this decline (21% below the US$ 639 million sold in 2016) to the fact that some of the demand for Diwali sales in India had moved to Cycle 6 as the festival was earlier than normal this year.

The provisional figure for this cycle was also below the previous month’s final figure of US$ 576 million, reported De Beers. That figure was however, higher than the corresponding figure of US$ 528 million in Cycle 6 of 2016.

De Beers clarified that sales values are quoted on a consolidated accounting basis and are before capitalisation of pre-commercial production revenues at Gahcho Kué.

Bruce Cleaver, CEO, De Beers Group, said: “As expected, rough diamond sales were somewhat lower in the seventh cycle of the year, with some midstream demand having already been brought forward into Cycle 6 due to Diwali being earlier than normal in 2017.”

He also said that businesses in the diamond industry’s midstream segment are “adopting a watchful approach as attention now turns to the Hong Kong Jewellery & Gem Fair in mid-September.”