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De Beers' diamond sales dip on economic uncertainties

23 May 2019


 

Diamond mining giant De Beers sold a total of US$415 million worth of rough diamonds for the 4th sales cycle of 2019, representing a huge drop from the same period last year. 

The figure, which included global Sightholder and auction sales, was considerably lower than actual sales of US$581 million achieved in cycle 3 of 2019, and US$554 million in cycle 4 of 2018.

Bruce Cleaver, CEO of De Beers Group, commented, "Cycle 4 saw lower rough diamond sales against a backdrop of macroeconomic uncertainty, and as we enter a seasonally slower period for the industry with Indian factories closing temporarily for the traditional holiday period."

Cycle 4 2019 provisional sales value represents sales as at May 20, 2019. Sales values are quoted on a consolidated accounting basis. 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, according to De Beers.