De Beers said rough diamond sales were higher during its latest cycle in Gaborone as the diamond major weathered the global storm. The Anglo American diamond unit noted on its rough diamond sales (Global Sightholder Sales and Auction Sales) for the fifth sales cycle of 2018 that it sold $575 million worth of diamonds during the period. This was better that $554 million recorded in Cycle 4 2018 and year-on-year stronger than $541 million of Cycle 5 2017.

The company, whose most of its meat is in Botswana through a 50/50 partnership with government, said the market sentiment is improving.

“Sentiment in the diamond industry’s midstream is positive following the JCK Las Vegas trade show at the start of the month, and we continued to see good demand for our rough diamonds across the product range,” said Bruce Cleaver, CEO, De Beers Group.

Cycle 5 2018 provisional sales value represents sales as at 25 June 2018 while Cycle 4 2018 actual sales value is restated following the earlier publication of a provisional figure for the fourth sales cycle of 2018. 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 annual rough diamond sales value stands at US$2.9 billion in 2018 including Cycle 5; in 2017 sales were recorded at US$5.2 billion and were even better in 2016 at US$5.6 billion.