De Beers reports rough diamond sales improvement

GIA diamonds

The De Beers Group of Companies has today announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the first sales cycle of 2016.

According to the report, De Beers sold $540m (£380m) worth of rough diamonds in the first sales cycle of 2016.

The company, which holds 10 sales cycles each year, said that this was a significant improvement compared with the last sales cycle of last year in which it recorded sales of $248m (£174m).

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A positive holiday season in the US from a retail perspective, low levels of rough diamond purchases by the midstream in Q4 2015 and a subsequent reduction in manufacturing saw polished diamond stocks pull through the pipeline. This has resulted in firmer polished prices and rough diamond demand broadened across the entire product range as cutting and polishing factories began to increase their activity.

Philippe Mellier, chief executive, De Beers Group, comments: “We are encouraged by the result of the first sales cycle of 2016, and will keep working closely with our customers to deliver sustainable improvements in the diamond industry in 2016.”

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