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De Beers Cycle 6 Sales Slump 53% To $233M As Sightholders Defer Buying

De Beers announced that it had provisionally sold $250 million in rough diamonds through its sixth sales cycle of the year. This is 53 percent below the $533 million  in rough diamonds it had sold during the sixth sales cycle of 2018.

the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for the sixth sales cycle of 2019.

De Beers CEO Bruce Cleaver said, “With ongoing macroeconomic uncertainty, retailers managing inventory levels, and polished diamond inventories in the midstream continuing to be higher than normal, De Beers provided customers with additional flexibility to defer some of their rough diamond allocations to later in the year. As a result, we saw a reduction in sales during the sixth cycle of 2019.”

The company also said that its actual sales figure for the fifth sales cycle of this year now stands at $391 million.

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