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De Beers Sells $470M in Quiet November Sight
Nov 15, 2016 2:50 AM
By Rapaport News
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RAPAPORT... De Beers recorded its smallest sight of the year in November
amid a seasonally quiet period for the rough diamond market after the Diwali
festival.
The ninth sales cycle of 2016 totaled $470 million compared with
$178 million a year ago when the rough market was in the doldrums, but fell
short of November sales in 2013 and 2014. The company restated its October
sales to $494 million.
“The market was firm and De Beers could have sold more goods,”
a sightholder told Rapaport News.
Prices of 1-carat to 2-carat rough were about 1 percent
higher, while smaller and lower-quality stones were stable or slightly lower,
sightholders reported. Premiums on the secondary market were about 5 percent for
higher-quality goods but sightholders noted they softened after the Indian
government announced it has scrapped INR 500 and INR 1,000 currency notes as
legal tender, effective November 9. De Beers kept its box assortments relatively
unchanged.
Many Indian sightholders did not attend the De Beers sale as
it was held toward the end of the Diwali holiday season, contributing to the
smaller sight. De Beers is not overly concerned by the lower headline figure as
the first eight sights have been stronger, sources noted. The company has sold
about $5.16 billion worth of rough this year, representing a 34 percent
increase over the first nine sights of 2015.
“Encouragingly, the ninth sales cycle of 2016 showed
continued good demand for De Beers rough diamonds, with sales in line with
expected seasonal demand patterns,” said Bruce Cleaver, De Beers chief
executive officer.
De Beers sales figure includes the latest sight held in
Gaborone, Botswana, from November 7 to 11, as well as auction sales and supply
to beneficiation and government partners. The final sight of the year is
scheduled for the week of December 5.
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Tags:
De Beers, DTC, Rapaport News, sight, Sightholders, Sights
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