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De Beers’ Ninth Cycle Sales Fall Short
They totaled $440 million, compared with $466 million in the same period last year.
De Beers’ latest round of sightholder and auction sales brought in $440 million, falling short of the $466 million sold during the same period last year. The slowdown in sales of smaller goods continues to impact the diamond miner and marketer’s results.
Gaborone, Botswana—De Beers’ latest round of sightholder and auction sales totaled $440 million, 6 percent lower when compared with the same period last year.
The company continues to grapple with a slowdown in sales of smaller stones, due in part to financing issues in India in the wake of the $2 billion banking scandal linked to diamantaire Nirav Modi, though De Beers CEO Bruce Cleaver said sales in this area have picked up.
“As the industry’s focus turns toward the key end-of-year retail selling season, rough diamond sales continued to be in line with expectations during the ninth cycle of the year,” he said.
“While demand for smaller, lower-quality rough diamonds continues to see some challenges, the latest cycle saw some signs of improvement in this area as factories in India begin to reopen after Diwali.”
De Beers revised its sales figure for the eighth cycle upward, from the provisional total of $475 million reported in October to $482 million.
Here’s how De Beers’ sales compare so far this year.
The company’s 2018 sales total $4.85 billion to date and remain on par with 2017 sales.
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