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De Beers fifth diamond sale rakes in $530m

21 june 2017
De Beers, which is 85 percent-owned by Anglo American, has raked in $530 million from its fifth sales cycle of the year compared to $522 million last month.
Sales for the fifth cycle of 2016 were $564 million.
The latest sales values were quoted on a consolidated accounting basis and were before capitalisation of pre-commercial production revenues at Gahcho Kué in Canada.
“Following positive feedback from the Las Vegas trade show, and in line with recent trends, we saw continued good demand for De Beers rough diamonds in the fifth sales cycle of the year,” said De Beers chief executive Bruce Cleaver.
It was not yet clear whether De Beers managed to aggregate diamonds from South Africa ahead of the sale.
South Africa's minerals minister, Mosebenzi Zwane, had been refusing to grant an exemption to De Beers Consolidated Mines (DBCM) to export diamonds to Botswana for aggregation.
The move forced DBCM to approach the local courts to force the minister change his position.
Diamonds produced by De Beers in South Africa, Botswana, Namibia and Canada were aggregated in Gaborone like they used to be in London.
Once the aggregation process was complete, rough diamonds of higher value were then re-imported back to the producing countries, South Africa included, for cutting and polishing.
About 40 percent of diamonds mined in South Africa by De Beers were allocated to local diamond cutters and polishers.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished