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De Beers August Sales Fall to $505M
Sep 5, 2017 3:57 AM
By Rapaport News
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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.” |
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Tags:
De Beers, mining, Rapaport News, Rough Diamonds, rough sales, Sightholders, Sights
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