RAPAPORT… De Beers sold $530 million of rough diamonds at its July cycle
amid a seasonal slowdown in the market, the company said Tuesday.
“Demand for De Beers’ rough diamonds was in line with
expectations during the seasonally quieter summer period for the industry’s
midstream sector,” said CEO Bruce Cleaver.
Revenue from the sixth sales cycle, including last week’s
sight, dropped 9% from $581 million during the previous cycle. Proceeds fell 8%
versus a year ago.
De Beers’ rough sales slipped 2% to $3.42 billion in
its first six sales of the year, according to Rapaport calculations. Rough-diamond
sales were flat in the first half of the year at $2.9 billion, the miner
reported last week.
De Beers Sales Drop at Sixth Cycle
The Bottom Line
- De Beers sold $530 million of rough diamonds in the July cycle, down 9% from the previous cycle's $581 million.
- Revenue fell 8% compared to the same period last year, reflecting a seasonal slowdown in the midstream sector.
- Year-to-date rough diamond sales totaled $3.42 billion, a 2% decrease from the previous year.
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