De Beer’s first sight of the year – Cycle 1, 2017 (Global Sightholder Sales and Auction Sales)  – saw strong demand from customers.

The Company said that the value of rough diamond sales for Cycle 1 amounted to US$ 720 million (provisional) as compared to rough diamond sales worth US$ 545 million for Cycle 1 2016; and rough diamond sales valued at US$ 422 million for Cycle 10 2016 (actual). 

“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,” Bruce Cleaver, CEO, De Beers Group, commented. “The longer period between the final Sight of 2016 and the first Sight of 2017 also contributed to heightened demand during the cycle.”

Cleaver added: “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.”