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De Beers Sales Rise Ahead of Holiday Season

Sep 6, 2016 2:38 AM   By Rapaport News
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RAPAPORT... De Beers sold $630 million of rough in its seventh sales cycle this year as diamond cutters increased their demand for stock ahead of the forthcoming holiday season.

Revenue grew from a revised $528 million in the previous cycle, the miner said. A year ago, sales stood at $358 million, according to Rapaport News estimates, when the market entered a period of rock-bottom demand.

The figure includes the latest De Beers sight held in Gaborone, Botswana, from August 29 to September 2, as well as auction sales and supply to beneficiation and government partners. De Beers holds 10 sights in a year.

The company “saw healthy demand in cycle 7,” as producers brought forward purchases “in time for the retail selling season,” said Bruce Cleaver, De Beers chief executive officer.
Tags: De Beers, Rapaport News, rough sales, sight, Sights
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