According to yesterday’s media release, De Beers’ rough diamond 7th sales cycle fell by 12% to $505 million, from July’s $576 million. This represents a 21% decrease over rough diamond sales valued at $539 million at Sight 7 a year ago. For the first six cycles of the year to date, De Beers' rough diamond sales are valued at $3.50 billion, a 1.5% decline compared to the $3.56 billion sold during the first six cycles of 2016.
“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,” said Bruce Cleaver, CEO of the De Beers Group. Diwali is on October 19 this year, which usually falls closer to the end of the month. As a result, rough buyers from India sought more goods during the July sight, whereas in previous years this took place in August.
“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,” Cleaver concluded.