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De Beers reports slight uptick in cycle 7 sales

28 August 2019


 

De Beers Group's rough diamond sales for the seventh cycle of 2019 recorded a slight increase compared to the previous sales cycle even as the miner continued to grant clients with “flexibility” to defer orders.

The company announced that the provisional figures for cycle 7 of 2019 reached US$280 million, up from US$250 million in cycle 6, but considerably below the US$503 million achieved in cycle 7 of 2018.

Bruce Cleaver, CEO of De Beers Group, commented, “With midstream participants continuing to work down polished diamond inventory levels and reduced levels of manufacturing in the key cutting centres, De Beers Group provided customers with further supply flexibility during the seventh cycle of 2019.”

The cycle 7 provisional value represents sales as at August 27, 2019. Diamond sales include revenues from Sightholder sales and auctions.

Sales values are quoted on a consolidated accounting basis. Auctions 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.