Diamond sales fall at De Beers after unusually strong end to 2018, company reveals

Rough diamond sales at De Beers fell marginally in the second cycle of the year, the company said today.

The Anglo American-owned diamond miner and seller showed sales value down two per cent to $500m from the first cycle of the year.

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Meanwhile, sales fell 13 per cent year-on-year after buyers stocked up in the late part of last year.

“Demand for rough diamonds remained consistent during the second sales cycle of 2019,” chief executive Bruce Cleaver said.

The company’s customers gather in Botswana every five to six weeks to buy rough diamonds.

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The downturn in this cycle comes after unusually strong sales in the end of 2018, meaning customers are expected to soon start replenishing their stocks, a spokesperson told City A.M.

Cleaver said: “While overall demand for lower value rough diamonds remain subdued we did see an increase in demand from India as factories begin to restock.”