De Beers Group   today announced that  sales (Global Sightholder Sales and Auction Sales) for Cycle 1, 2018 stood at US$ 665 million. Though this is  a provisional figure, it is far below (actual) sales for Cycle 1, 2017 worth US$ 729 million. Cycle 1, 2018 sales were however, higher than (actual) sales of US$ 455 million registered for Cycle 10, 2017 (last cycle of that year).    

Bruce Cleaver, CEO, De Beers Group, said: “Following positive early signs for diamond jewellery sales over the holiday season in the US, the need for the industry to restock led to increasing demand for our rough diamonds in the first sales cycle of 2018. This seasonal restocking demand does usually see a larger share of annual purchases being planned into the first sales cycle of the year by our customers, resulting in an encouraging sales performance.

“In the equivalent sales cycle last year, sales levels benefitted from purchases that had been deferred from late in 2016 as a result of the initial impact at that time of India’s demonetisation programme.”