De Beers Rough Sales Cycle 5 Dips 12% To $560 Mn
De Beers reported a drop in the value of rough diamond sales, comprising global sightholder sales and auction sales, for the fifth sales cycle of 2016. The value of sales Cycle 5 dropped 12% to $560 million, versus $636 million for Cycle 4.
Philippe Mellier, the former chief executive of De Beers Group, said: “Sales in the fifth cycle of the year were somewhat lower than in the fourth cycle, in line with our expectations and typical seasonal demand patterns. Rough diamond demand and polished diamond prices remain stable, reflecting steady consumer demand, but we maintain a cautious outlook.”