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Allowed Flexibility, Says De Beers As Cycle 7 Sales Fall 44% To $280M

De Beers announced it had provisionally sold $280 million in rough diamonds through its seventh sales cycle of the year. This is a 44.3 percent drop from the $503 million sold in the seventh sales cycle of 2018.

De Beers also said that its actual sales for the sixth sales cycle of this year now stand at $250 million. 

De Beers CEO Bruce Cleaver said, “With midstream participants continuing to work down polished diamond inventory levels and reduced levels of manufacturing in the key cutting centres, De Beers Group provided customers with further supply flexibility during the seventh cycle of 2019.”

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