De Beers reports stable rough diamond demand

The De Beers Group has reported stable rough diamond demand, following its third sales cycle of 2016.

The company reported rough diamond sales of $660m (£465m) compared with the $617m (£434m) realised in its second sales cycle earlier this year.

The company said continued stability in polished diamond prices and sales of polished diamonds at the wholesale level supported a “reasonably positive” environment for rough diamond demand for the third consecutive sales cycle.

Philippe Mellier, chief executive, said: “So far, 2016 has seen significantly stronger rough diamond demand than that experienced at the end of 2015 as the actions taken by the industry continue to have a positive effect.

“However, we are now moving into a part of the year where rough diamond demand has historically been lower as a result of seasonality, so we continue to adopt a prudent mind-set.”