De Beers Bullish Despite 11% Drop In Cycle 4 2017 Sales

Diamond mining major—De Beers said its sales for the provisional Cycle 4 2017 fell when compared to previous month. According to the company’s rough diamond sales (Global Sightholder Sales and Auction Sales) for the fourth sales cycle of 2017, sales were $520 million—a 11% decline from $586 million actual sales in Cycle 3 2017. Year-on-year, sales were also down compared to $636 million reported in actual of Cycle 4 2016.

Sight box (PIC By De Beers)

De Beers however has remained bullish despite the decline in sales saying demand is steady. “We are continuing to see steady demand for rough diamonds, despite the industry entering a typically quieter season,” De Beers Group chief executive officer, Bruce Cleaver said.

“Sentiment remains positive as we head towards the important Las Vegas trade show in early June,” added.

The Cycle 4 2017 provisional sales value represents sales as at 15 May 2017 while Cycle 3 2017 actual sales value is restated following the earlier publication of a provisional figure for the third sales cycle of 2016.

The sales values are quoted on a consolidated accounting basis and are before capitalisation of pre-commercial production revenues at Gahcho Kué. 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.

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