De Beers Rough Sales Cy­cle 5 Dips 12% To $560 Mn

Solitaire - - SPECTRUM -

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.”

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