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Big Stockpiles, Tough China Market Cut De Beers Cycle 5 Sales to $390M

A tough economic environment in China and a large polished diamond inventory stockpile in the value chain has shaved nearly $200 million off De Beers’ fifth sales cycle of the year. The company reported that it had sold rough diamonds worth $390 million in sight holder and auction sales during the period — as against $580 million sold in the fifth cycle of 2018.

De Beers also said that its actual sales for Cycle 4 this year now stood at $416 million.

CEO Bruce Cleaver commented, “While overall retail sentiment for diamond jewellery in the US remains solid, a more challenging environment in China and higher than normal polished diamond inventories in the midstream resulted in a cautious approach from rough diamond buyers during the fifth cycle of 2019.”

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