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DE BEERS’ SALES LOSE GROUND IN 7TH CYCLE OF 2018

Sales dropped to $505 million in the 7th cycle with De Beers allowing buyers to pass over cheaper diamonds
De Beers rough diamonds
Credit: De Beers

Provisional data released by Anglo American shows that the value of rough diamonds sold by De Beers dropped to $505 million during the 7th cycle of 2018. In the 6th cycle, De Beers sold $533 million worth of rough.

 

De Beers’ CEO Bruce Cleaver confirmed an earlier report in Bloomberg saying that the miner allowed diamond buyers at its sight to pass over lower-quality stones: “De Beers provided Sightholders with the opportunity to re-phase the allocation of some smaller, lower value rough diamonds”, he said and added that “demand remains stable ahead of the September Hong Kong Jewellery & Gem Fair”.

 

According to the same report in Bloomberg, prices for cheaper diamonds have fallen in recent years, as the market has been affected by several factors: too much supply, lower profit margins in major cutting centers, the depreciation of the Indian rupee and new competition from synthetic brands.



Tags: Diamonds News, Diamond Industry News, Diamond Prices News, De Beers News, Anglo American News

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