De Beers Rough Sales At $530 Million In Cycle 5 2017

Global diamond major De Beers said its sales figures rose in the fifth cycle of the year which showed demand is robust in the global market. The company stated that the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the fifth sales cycle of 2017 or Cycle 5 2017 stood at $530 million. The figure was better than the $522 million actual figure recorded in cycle four of the year.

Sight box (PIC By De Beers)

However, year-on-year, the figure was lower than $564 million actual cycle five figure in 2016. Bruce Cleaver, CEO, De Beers Group, said: “Following positive feedback from the Las Vegas trade show, and in line with recent trends, we saw continued good demand for De Beers rough diamonds in the fifth sales cycle of the year.”

The Cycle 5 2017 provisional sales value represents sales as at 19 June 2017 while the 2 Cycle 4 2017 actual sales value is restated following the earlier publication of a provisional figure for the fourth sales cycle of 2016.

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.

De Beers holds 10 sights annually where customers or sightholders are able to inspect the parcels on offer before deciding on what to buy. Based in Gaborone, Botswana, De Beers Global Sightholder Sales sells rough diamonds to customers with operations in some of the world’s major diamond centres

The next sight will be held from July 24- 28 in Gaborone. 

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