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Early India Diwali Purchases See De Beers Cycle 7 Sales Drop To $505M

De Beers announced that it had provisionally sold $505 million worth of rough diamonds in its 7th sales cycle of 2017. This compares with the $639 million worth of rough it had sold in the 7th sales cycle of 2016.

De Beers also said that its actual rough diamond sales figures for the 6th cycle this year now stands at $576 million.

Chief Executive Bruce Cleaver said, “As expected, rough diamond sales were somewhat lower in the seventh cycle of the year, with some midstream demand having already been brought forward into Cycle 6 due to Diwali being earlier than normal in 2017.”

He added, “Businesses in the diamond industry’s midstream segment are adopting a watchful approach as attention now turns to the Hong Kong Jewellery & Gem Fair in mid-September.”

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