Advanced Search

De Beers August Sales Fall to $505M

Sep 5, 2017 3:57 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... De Beers’ rough-diamond sales declined in its August sight as the relatively early date of Diwali this year moved demand up to the previous sale.

Proceeds from the miner’s seventh sales cycle fell 12% to $505 million from the revised July figure of $576 million, the company said Tuesday. Compared with the August sight a year ago, sales were down 21%.

Diwali is on October 19 this year, whereas last year it fell on October 30. As a result, rough buyers in India sought more goods at the July sight than they did in the corresponding sale a year ago.

“As expected, rough-diamond sales were somewhat lower in the seventh cycle of the year, with some midstream demand having already been brought forward into cycle six due to Diwali being earlier than normal in 2017,” said De Beers CEO Bruce Cleaver. “Businesses in the diamond industry’s midstream segment are adopting a watchful approach as attention now turns to the Hong Kong Jewellery & Gem Fair in mid-September.”
Tags: De Beers, mining, Rapaport News, Rough Diamonds, rough sales, Sightholders, Sights
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 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.