De Beers Cycle 2 Rough Diamond Sales Down 25% from Jan., Earns $545M

Rough Market
28/02/2017 09:42

The De Beers Group of Companies has announced the (provisional) value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the second sales cycle of 2017 has earned $545 million. This represents a 25% dropoff from the $729 million achieved in Cycle 1, and is nearly 12% lower than in Cycle 2 2016, which earned $617 million. Nonetheless, excluding January 2017, it is the largest sales cycle since September of 2016. 

Bruce Cleaver, CEO, De Beers Group, said: “We continued to see good demand across our product range in the second sales cycle, which was in line with expectations at this time of year. Sentiment remains positive heading into the Hong Kong International Jewellery Show this week – an important barometer of trade confidence.” It is also important to note the 'provisional' nature of the sales at this point, as Cycle 1 2017 was previously announced at $720 million, and has now been restated at $729 million.