De Beers said its sales fell during the fourth cycle of the year as the industry braces for a slower period. According to the diamond mining major, it sold only $415 million worth of rough diamonds at the sight in Gaborone. This is only provisional figure.

“Cycle four saw lower rough diamond sales against a backdrop of macroeconomic uncertainty,” said Bruce Cleaver, CEO, De Beers.

“…and as we enter a seasonally slower period for the industry with Indian factories closing temporarily for the traditional holiday period,” he added.

The fourth cycle figures were lower than $581 million reported in Cycle 3 of 2019 and also year-on-year lower than the $554 million registered in Cycle 4 2018.