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De Beers Sell $665M In Cycle 1 As Good Holiday Season Drives Demand

De Beers Group today announced it had provisionally sold rough diamonds worth $665 million in its first sales cycle of 2018. This compares with the $729 million it sold in the first cycle of 2017.

De Beers also said that its actual sales for Cycle 10 in 2017 now stood at $455 million.

De Beers Chief Executive Bruce Cleaver said, “Following positive early signs for diamond jewellery sales over the holiday season in the US, the need for the industry to restock led to increasing demand for our rough diamonds in the first sales cycle of 2018. This seasonal restocking demand does usually see a larger share of annual purchases being planned into the first sales cycle of the year by our customers, resulting in an encouraging sales performance.”

He added, “In the equivalent sales cycle last year, sales levels benefitted from purchases that had been deferred from late in 2016 as a result of the initial impact at that time of India’s demonetisation program.” 

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