De Beers has announced it sold $450 million worth of rough during its 5th Sales Cycle of the year, down 31.5% year-on-year “amid increasing sightholder caution,” IDEX Online reports. In Cycle 4, De Beers raked in $479 million.
Al Cook, CEO, De Beers Group, said: “Following the JCK Show, and with ongoing global macroeconomic challenges continuing to impact end-client sentiment, the diamond industry remains cautious heading into summer. Reflecting this, we saw demand for De Beers rough diamonds during the fifth sales cycle of the year slightly softer than in the fourth cycle.”
In May, De Beers announced it will combine Cycle 5 and 6 auctions “amid dwindling demand” for diamonds from Indian manufacturers. Back then, De Beers said in a statement: “After careful consideration and analysis of the current market situation, we decided to combine both Cycle 5 and 6 Interim and Main Auctions. Whilst this was a difficult decision to make, we believe that it is one that reflects our sustainable and responsible approach to rough diamond supply.”
