De Beers has reported the value of rough diamond sales for its 2nd sales cycle of 2018, totaling $555 million.
Bruce Cleaver, CEO, De Beers Group, said: “The second sales cycle of the year saw the continuation of good rough diamond demand. This was in line with expectations, following strong retail sales of diamond jewellery during the US holiday season and positive early signs for consumer demand over Chinese New Year”.
In the first cycle of the year, De Beers sold raked in $665 million. In late February De Beers issued its full-year report for 2017, reporting a fall in revenue of 4% to $5.8 billion. The fall, according to De Beers, was “expected, given the benefit of strong midstream restocking in the first half of 2016”. Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 2% to $1,435 million despite lower revenue.
