Economy

De Beers’ rough diamond sales ‘ahead of expectations’

The De Beers Group of Companies has reported that sales of rough diamonds were “ahead of expectations” in its eighth sales cycle of the year.

Provisional sales for the company’s eighth sales cycle of 2016 stood at $485m (£379m). This was down on the $639m (£500m) raised in its seventh sales cycle, but De Beers said this was due to “normal seasonal demands”.

Bruce Cleaver, CEO, said: “Demand for De Beers’ rough diamonds in cycle 8 continued to reflect the improved midstream trading environment compared with 2015.

“Our rough diamond sales were slightly ahead of expectation during the cycle, given the normal seasonal demand patterns, the shorter than usual period between sights seven and eight, and the forthcoming holidays in some of the major diamond cutting centres.”

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