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De Beers’ Sixth-Cycle Sales Down 8% YOY
The diamond miner and marketer’s sightholder and auction sales totaled $530 million.
A photo of kimberlite, the igneous rock that can contain diamond, from one of De Beers’ facilities. The diamond miner and marketer reported rough diamond sales of $530 million in its latest round of sales, an 8 percent drop from the same period last year.
Gaborone, Botswana—De Beers’ rough diamond sales were down 8 percent year-over-year in its latest round of sightholder and auction sales.
Revenue for the sixth sales cycle of 2018 totaled $530 million, compared with $576 million the same period last year.
De Beers’ diamond revenue also declined when compared with the fifth sales cycle, with actual sales for that period reported at $581 million, a revision from the preliminary figure of $575 million given in July.
CEO Bruce Cleaver said sixth-cycle sales were in line with company expectations for the seasonally quieter summer period, when many who work in the industry’s midstream sector are on break.
Overall, De Beers’ 2018 sales are pacing slightly behind 2017, totaling $3.24 billion to date, compared with $3.51 billion at the same point last year.
Here is a chart showing the year-over-year comparison for De Beers’ rough diamond sales to date in 2018.
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