De Beers' Rough Diamond Sales Rebound to $630M in Cycle Seven

Rough Market
06/09/2016 09:37

De Beers Group has reported that rough diamond sales at its seventh sight in 2016 amounted to $630 million (provisional), rebounding from its slowest cyle of the year. Sales in Cycle 7 represent a 19% increase over Cycle 6 returns of $528 million. Bruce Cleaver, CEO, De Beers Group, said: “We saw healthy demand for our rough diamonds in Cycle 7, as manufacturers brought forward some of their demand in order to cut and polish rough diamonds in time for the important retail selling season.” One year ago, sales during the same period were estimated at approximately $360 million, as sightholders increasingly deferred their pre-agreed purchases and De Beers started to revise its production levels downward.