Anglo American plc released its diamond sales figures for De Beers’ tenth sales cycle of 2016 which amounted US$418 million, a drop from the US$478 million recorded in the ninth sales cycle.
Despite the drop, this year’s tenth sales cycle is still more than that of the equivalent cycle in 2015 which stood at US$248 million.
“Anglo American plc announces the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for De Beers’ tenth sales cycle of 2016, amounting to USD418 million, compared with the USD476 million value of the ninth sales cycle of 2016,” the company said in a statement released this week.
Bruce Cleaver, CEO of De Beers, said: “We continued to see good demand for De Beers rough diamonds in our latest sales cycle. While the trade in lower value rough diamonds is experiencing a temporary slowdown as a result of the demonetisation programme in India, demand across the rest of the product mix continued to be healthy and overall sales remained in line with seasonal expectations.” He added that “pleasingly, sales were also significantly higher than those for the equivalent cycle in 2015.”