The De Beers Group of Companies has announced the value of rough diamond sales for the first cycle of 2017.
The provisional sales values for cycle 1, which include global sight-holder sales and auction sales, is $720 million (£575 million). This figure represents sales as of 23 January 2017, and is £298 million lower than the actual first cycle sales value of 2017, which was $422 million (£337 million). This is also £125 million lower than the actual first cycle sales in 2016.
De Beers Group chief executive officer, Bruce Cleaver, comments: “We saw good demand across the majority of our assortment during the first sales cycle of the year, as the industry entered the period when rough diamond demand is traditionally strongest. The longer period between the final Sight of 2016 and the first Sight of 2017 also contributed to heightened demand during the cycle.”
“While the reopening of some diamond polishing operations in India saw something of an increase in demand for smaller, lower quality rough diamonds, we maintain a cautious outlook for these categories as the Indian industry continues to adjust to the post-demonetisation environment,” Cleaver adds.