The De Beers Group of Companies today announced the value of rough diamond sales for the fifth sales cycle of 2016.

The provisional sales values for cycle 5, which include global sightholder sales and auction sales, is $560 million (£420 million). This figure represents sales as of 27 June 2016, and is £53 million lower than the actual fourth cycle sales value of 2016, which was $630 million (£473 million).

De Beers Group chief executive officer, Philippe Mellier, says: “Sales in the fifth cycle of the year were somewhat lower than in the fourth cycle, in line with our expectations and typical seasonal demand patterns. Rough diamond demand and polished diamond prices remain stable, reflecting steady consumer demand, but we maintain a cautious outlook.”

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Editor, Professional Jeweller