Economy

Rough diamond demand stable in fifth sales cycle, says De Beers

The De Beers Group of Companies has announced rough diamond demand is stable in its latest sales cycle.

Provisional sales for the company’s fifth sales cycle of 2016 stood at $560m (£420m). This was down on the $636m (£473m) raised in its fourth sales cycle of the year, but De Beers said this was expected due to “seasonal demand patterns”.

Philippe Mellier, chief executive, said: “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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