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De Beers sees steady sales ahead of holiday slowdown

The provisional sales value for the seventh cycle was US$630 million

Diamond

Diamond

The provisional sales value for the seventh cycle was US$630 million, which is up from $522 million in the same cycle last year, and down from $638 million in the sixth cycle.

Anglo noted that De Beers is continuing to implement "a more flexible" approach to rough diamond sales, which included extending the sight event beyond its normal week-long duration, as a measure to combat the impact of restrictions on the movement of people and products around the globe.

As a result, the seventh cycle represents the expected sales for the period of 15 August to 30 August.

"In line with normal seasonal trends, we anticipate that sales in the next few cycles will be affected by the temporary closure of polishing factories for the Diwali holidays," De Beers CEO Bruce Cleaver said.

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