Oct 04, 2016

De Beers: Cycle 8 Sales Rough Diamond Sales Slightly Above Expectation at US$ 485 Million

The De Beers Group of Companies has reported that the value of rough diamond sales for the eighth sales cycle of 2016 was US$ 485 million which was slightly ahead of expectations. Bruce Cleaver, CEO, De Beers Group, said that the demand “continued to reflect the improved midstream trading environment compared with 2015”.

In a statement, the Company said that the Cycle 8 2016 sales value is a provisional figure and represents sales as at October 3, 2016

Cleaver also said, “Our rough diamond sales were slightly ahead of expectation during the Cycle, given the normal seasonal demand patterns, the shorter than usual period between Sights 7 and 8, and the forthcoming holidays in some of the major diamond cutting centres.”

De Beers also released the restated figures for Cycle 7 which stand at US$ 639 million.

The statement said that Sales value is quoted in terms of sales by De Beers Global Sightholder Sales and De Beers Auction Sales, and reported 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