De Beers has reported that it has raked in $450 million in its 9th sales cycle of the year. It is a slight increase over the same sales period last year ($438 million) but down from $508 million at Cycle 8 and $638 million at Cycle 7.
CEO Bruce Cleaver, CEO, De Beers Group, said: “We saw good demand for our rough diamonds during Cycle 9 with sales reflecting what is traditionally a quieter time for the diamond midstream ahead of polishing factories reopening in India following the Diwali holidays.”
According to IDEX Online, De Beers has reportedly “eased its buyback terms for sight holders,” who were allowed to reject 20% of goods over 1-carat from a parcel, “rather than the standard 10.”
