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De Beers Cycle 1 Sales Slump To $505M As Low-Value Goods Slow

De Beers announced that it had provisionally sold $505 million in rough diamonds during the first sales cycle of 2019, a nearly 25 percent drop from the $672 million it sold in the first cycle of 2018.

CEO Bruce Cleaver said, "Rough diamond sales during the first sales cycle of 2019 were lower than those for the equivalent period last year, reflecting higher than normal sales in the previous cycle ($540 million in cycle 10 of 2018) and the slow movement of lower value rough diamonds through the pipeline.”

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