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De Beers rough sales slide again

17 october 2018
news_26072018_debeers.pngAnglo American said the value of rough diamonds sold by De Beers dropped to $475 million during the eighth cycle of 2018 compared to $503 million recorded in the seventh cycle.
The value of the seventh sale, which was initially set at $503 million, was also a 5.6 percent decline from the sixth sale value of $533 million.
Although the value of diamonds sold during the period under review was still provisional, it was a 26,3 percent jump when compared with $376 million realised, a year earlier.
“While the Rupee-Dollar exchange rate has impacted demand for lower value categories, we continue to see steady overall demand for De Beers Group rough diamonds, reflecting ongoing consumer demand for diamond jewellery in the US,” said group chief executive Bruce Cleaver.
De Beers, which was 85 percent-owned by Anglo American, gave diamond buyers an opportunity to re-phase the allocation of some smaller, lower value rough stones.
Bloomberg had at the time cited unnamed sources as saying that the market had been hurt by too much supply, lower profit margins in major cutting centers such as Surat in India and the depreciation of the Indian rupee.

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