News

Advanced Search

De Beers Sales Rise After Diwali Break

Dec 18, 2018 7:37 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
De Beers sold $540 million of rough diamonds in its December cycle, buoyed by the return of Indian manufacturers from their seasonal holiday shutdown, the company said Tuesday.

Revenue from the 10th cycle, including last week’s sight in Botswana, jumped 22% from $442 million during the previous cycle. Proceeds climbed 19% versus a year ago.

Sales “continued to be in line with expectations ahead of the all-important retail selling season, as cutting and polishing factories in India restarted their operations following the Diwali holiday,” said De Beers CEO Bruce Cleaver.

Indian factories typically close for three weeks over Diwali, which this year occurred on November 7. The market usually picks up after the festival as manufacturers reopen and buy rough so they can ramp up operations. They also use December to prepare for an anticipated increase in polished demand in the first quarter, when dealers and retailers look to replenish stocks they deplete during the US holiday season.

De Beers’ rough-diamond sales rose 2% to $5.39 billion this year, according to Rapaport estimates. That includes 10 sights across the year, as well as auction proceeds.

Image: De Beers’ sales office in Botswana. (De Beers)
Tags: Bruce Cleaver, De Beers, de beers sight, mining, Rapaport News, rough, Rough Diamonds, Sightholders, Sights
Similar Articles
Tiffany Stevens JVCCIBJO Publishes Ethics Recommendations
Oct 16, 2019
The World Jewellery Confederation (CIBJO) has produced a special report on ethics ahead of its annual congress
Letseng diamondsLesotho Renews Letšeng Lease
Oct 06, 2019
Gem Diamonds has obtained a 10-year lease to continue mining at the lucrative Letšeng deposit in Lesotho, but
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.