De Beers Group today announced it earned $370 million in rough diamond sales (Global Sightholder Sales and Auction Sales) for the eighth sales cycle of 2017, making it the smallest sight in terms of value since the company started publishing its sales results in 2016. The value of diamond sales in the eighth cycle is 27% lower than the $507 sold in Cycle 7, and 25% lower than the same period a year ago.
Bruce Cleaver, CEO, De Beers Group, said: “De Beers offered fewer rough diamonds for sale in Cycle 8, reflecting the concurrent timing this year of the Sight sale with the closure of polishing factories in India and Israel for the observance of religious holidays. Sales were in line with expectations, at what is a seasonally slower time for rough diamond demand.”
De Beers is not alone in witnessing smaller-than-usual sales during this period of the year, as ALROSA's latest sales also declined 30% in value compared to the same period a year ago, at $305.8 million. ALROSA as well attributed this to the early holiday season: "The decline in sales in September compared with the same month in 2016 is due to lower activity level in the market, particularly caused by the early beginning of the Diwali festival in India this year," said ALROSA Vice President Yury Okoyomov.