© De Beers Group of Companies
The De Beers Group of Companies reported strong rough diamond sales for the first sales cycle of 2017, with its sales value reaching US$720 million.
Bruce Cleaver, CEO of the De Beers Group, commented, “We saw good demand across the majority of our assortment during the first sales cycle of the year, as the industry entered the period when rough diamond demand is traditionally strongest. The longer period between the final Sight of 2016 and the first Sight of 2017 also contributed to heightened demand during the cycle.”
The De Beers official, however, said India’s recent monetary policy changes may still have an effect on the demand for smaller rough diamonds.
“While the reopening of some diamond polishing operations in India saw something of an increase in demand for smaller, lower-quality rough diamonds, we maintain a cautious outlook for these categories as the Indian industry continues to adjust to the post-demonetisation environment,” he noted.
The group reported US$422 million in rough diamond sales during the 10th cycle of 2016.
The Cycle 1 2017 provisional sales value represented sales as at January 23, 2017. The figure consisted of Global Sightholder Sales and Auction Sales.
Sales values are quoted on a consolidated accounting basis, according to De Beers. Auction Sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle, it added.